On January 5, 2017, Vaughn Corporation received a charter granting the right to issue 4,800 shares...

On January 5, 2017, Vaughn Corporation received a charter granting the right to issue 4,800 shares of $100 par value, 8% cumulative and nonparticipating preferred stock, and 49,300 shares of $10 par value common stock. It then completed these transactions.

Jan. 11		Issued 20,400 shares of common stock at $16 per share.
Feb. 1		Issued to Sanchez Corp. 4,000 shares of preferred stock for the following assets: equipment with a fair value of $52,700; a factory building with a fair value of $175,000; and land with an appraised value of $292,000.
July 29		Purchased 1,800 shares of common stock at $16 per share. (Use cost method.)
Aug. 10		Sold the 1,800 treasury shares at $13 per share.
Dec. 31		Declared a $0.50 per share cash dividend on the common stock and declared the preferred dividend.
Dec. 31		Closed the Income Summary account. There was a $190,000 net income.

Prepare the stockholders’ equity section of Vaughn Corporation’s balance sheet as of December 31, 2017. (Enter account name only and do not provide descriptive information.)

Expert Solution

ekkarill92 answered 2 years ago

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