The following information applies to the questions displayed below.J Nautical ha
ID: 2491326 • Letter: T
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The following information applies to the questions displayed below.J Nautical has two classes of stock authorized: $10 par preferred, and $1 par value common. As of the beginning of 2015, 150 shares of preferred stock and 2,800 shares of common stock have been issued. The following transactions affect stockholders' equity during 2015 March April June 1 Issue 2,800 additional shares of common stock for $12 per share 1 Issue 150 additional shares of preferred stock for $38 per share 1 Declare a cash dividend on both common and preferred stock of $0.35 per share to all stockholders of record on June 15. June August October 30 Pay the cash dividends declared on June 1. 1 Repurchase 250 shares of common treasury stock for $9 per share. 1 Reissue 150 shares of treasury stock purchased on August 1 for $11 per share. Nautical has the following beginning balances in its stockholders' equity accounts on January 1, 2015 Preferred Stock, $1,500; Common Stock, $2,800; Paid-in Capital, $19,300; and Retained Earnings, $11,300 Net income for the year ended December 31, 2015, is $7,550 Taking into consideration all the transactions during 2015, respond to the following for Nautical Required: 1. Prepare the stockholders' equity section of the balance sheet as of December 31, 2015. (Amounts to be deducted should be indicated by a minus sign.) NAUTICAL Balance Sheet Stockholders' Equity Section) December 31, 2015 Stockholders' equity Total paid-in capital Total stockholders' equityExplanation / Answer
NAUTICAL
Balance sheet
(Stockholder's Equity section)
December,31 2015
NAUTICAL
Balance sheet
(Stockholder's Equity section)
December,31 2015
Stockholder's Equity Common Stock 5600 Prefered Stock 3000 Additional Paid in capital(2800x11 + 150x28 + 19300 + 300) 54600 Total paid in capital 63200 Retained Earnings (11300 + 7550 - 2065) 16785 Treasury Stock (900) Total stockholder's equity 79085Related Questions
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