I did not get the treasury stock and the additional paid-in capital right Finish

Question

I did not get the treasury stock and the additional paid-in capital right

Finishing Touches has two classes of stock authorized: 7%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2015, its first year of operations: In its first year of operations, Finishing Touches has net income of $152,000 and pays dividends at the end of the year of $94,000 ($1 per share) on all common shares outstanding and $1,540 on all preferred shares outstanding. Prepare the stockholders' equity section of the balance sheet for Finishing Touches as of December 31, 2015. (Amounts to be deducted should be indicated by a minus sign.)

Explanation / Answer

FINISHING TOUCHES     December 31 2015 Stock holder equity section Share holder equity Pref. stock $ 22,000.00 Common Stock $ 1,00,000.00 Add.paid up $ 26,36,600.00 Total $ 27,58,600.00 Retain Earning $ 56,460.00 Treasury stock $ -1,92,000.00 Total $ 26,23,060.00 Retain Earning - Working Net Income $ 1,52,000.00 Dividend - common $ -94,000.00 Dividend - Pref.Share $ -1,540.00 Net $ 56,460.00 Additional paid up Date No of share Diff. Amount Type 2.Jan 100000 $ 26.00 $ 26,00,000.00 Common share 15.Dec 6000 $ 5.00 $ 30,000.00 Treasury 6.Feb 2200 $ 3.00 $ 6,600.00 Pref.Share $ 26,36,600.00 Treasury Stock Journal Sep.10 Treasury Stock $ 3,84,000.00 To Cash $ 3,84,000.00 12000*$ 32 Dec.15 Cash (6000*$37) $ 2,22,000.00 To Treasury Stock $ 1,92,000.00 To Add.paid up $ 30,000.00 Treasury Stock Value --> $ 1,92,000.00

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