Below is the Stockholders\' Equity section of the balance sheet prepared as of t

Question

Below is the Stockholders' Equity section of the balance sheet prepared as of the end of the current year. Stockholders' Equity Paid-in capital Preferred 2% stock, $80 par (125,000 shares authorized and issued) Excess of issue price over par Retained earnings $10,000,000 500,000$10,500,000 96,700,000 1,755,000 430,000 $109,385,000 17,655,000 300,000 $127,340,000 ock (75,000 shares at cost) Dividends payable Total paid-in capital Common stock, $20 par (1,000,000 shares authorized, 825,000 shares issued) Organizing costs Total stockholders' equity Prepare a corrected Stockholders' Equity section. Stockholders Equity Paid-In Capital: par (125.000 shares aut Previous Nex Check My Work

Explanation / Answer

b. Earnings per share growth as a percent of year 1. Year 3 2.27% (1.8-1.76)/1.76)*100 Year 2 75.00% (3.08-1.76)/1.76)*100 Year 1 0% Net income growth as a percent of year 1 Year 3 11.25% (890-800)/800)*100 Year 2 82.50% (1460-800)/800)*100 Year 1 0% Corrected stockholder's equity section Paid-in-capital: Preferred 2% stock,$80 par 10000000 (125000 shares authorized and issued) Excess over par 500000 Paid-in-capital,preferred stock 10500000 Common stock,$20 par (1000000 shares authorized,825000 shares issued) (825000*20) 16500000 Excess over par (17655000-16500000) 1155000 Paid-in-capital,common stock 17655000 Total Paid-in-capital 28155000 Retained earnings 96700000 Total 124855000 Less:Treasury stock (75000 shares at cost) 1755000 Total stockholder's equity 123100000

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