Novak Company has two classes of capital stock outstanding: 8%, $20 par preferred and $5 par...

Novak Company has two classes of capital stock outstanding: 8%, $20 par preferred and $5 par common. At December 31, 2017, the following accounts were included in stockholders’ equity.

Preferred Stock, 160,200 shares		$ 3,204,000
Common Stock, 1,983,000 shares		9,915,000
Paid-in Capital in Excess of Par—Preferred Stock		200,000
Paid-in Capital in Excess of Par—Common Stock		26,495,000
Retained Earnings		4,431,000

The following transactions affected stockholders’ equity during 2018.

Jan. 1		29,300 shares of preferred stock issued at $24 per share.
Feb. 1		48,800 shares of common stock issued at $21 per share.
June 1		2-for-1 stock split (par value reduced to $2.50).
July 1		28,100 shares of common treasury stock purchased at $11 per share. Novak uses the cost method.
Sept. 15		10,200 shares of treasury stock reissued at $12 per share.
Dec. 31		The preferred dividend is declared, and a common dividend of 55¢ per share is declared.
Dec. 31		Net income is $2,103,000.

Prepare the stockholders’ equity section for Novak Company at December 31, 2018.

Expert Solution

ekkarill92 answered 2 years ago

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