Problem 11-3A On December 31, 2016, Oriole Company had 1,350,000 shares of $7 pa
ID: 2582005 • Letter: P
Question
Problem 11-3A On December 31, 2016, Oriole Company had 1,350,000 shares of $7 par common stock issued and outstanding. At December 31, 2016, stockholders' equity had the amounts listed here. Common Stock Additional Paid-in Cap Retained Earnings $9,450,000 1,760,000 1,230,000 Transactions during 2017 and other information related to stockholders' equity accounts were as follows. on January 10, 2017, issued at $105 per share 126,000 shares of $100 par value, 10% cumulative preferred stock. 2. On February 8, 2017, reacquired 12,500 shares of its common stock for $10 per share. 3. On May 9, 2017, declared the yearly cash dividend on preferred stock, payable June 10, 2017, to stockholders of record on May 3, 20.. 4. On June 8, 2017, declared a cash dividend of $1.75 per share on the common stock outstanding, payable on July 10, 2017, to stockholders of record on July 1, 2017 5. Net income for the year was $3,709,000 Prepare the stockholders' equity section of Oriole balance sheet at December 31, 2017. ORIOLE COMPANY Partial Balance SheetExplanation / Answer
Prepare shareholder's equity section :
Contributed capital Paid in capital Common stock 9450000 Preferred stock 12600000 22050000 Additional paid in capital Additional paid in capital-common stock 1760000 Additional paid in capital-Preferred stock 630000 2390000 Total Contributed capital 24440000 Retained earnings 1338375 Total contributed capital and retained earnings 25778375 Less; Treasury stock (12500*10) (125000) Shareholder's equity 25653375