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December 31, 2013
|Common stock (40,000 authorized, 25,000 issued and|
outstanding with par value of $10 per share.)
|Excess paid in capital on common stock||$ 125,000.00|
|Retained Earnings||$ 500,000.00|
|Total stockholder’s equity||$ 875,000.00|
During the current year, Thomson had the following stock transactions:
- The company authorizes the sale of 10% preferred stock, 50,000 shares at par value of
- Sold 20,000 shares of preferred stock at $75 per share.
- Purchased 5,000 shares of common stock at $20 per share for cash.
- Declared and distributed a 2% stock dividend to common stockholders when market
- price was $25 per share.
- Declared and paid $90,000 in cash dividends to common and preferred stockholders.
- Sold 2,000 shares of treasury stock at $16 per share.
- Net loss is $134,000.
- Prepare the stockholder’s equity section of the balance sheet for year‐end 2013.
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