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(Solved) P 1 0-7 3 A (L earn i ng Obj ec tiv es 6: R e p or t s t oc k holders ’ e quit y ) Doorm a n Corp....


P10-73A (Learning Objectives 6: Report stockholders’ equity) Doorman Corp. has the following stockholders’ equity information: Doorman’s charter authorizes the company to issue 7,000 shares of 10% preferred stock with par value of $140 and 750,000 shares of no-par common stock. The company issued 1,400 shares of the preferred stock at $140 per share. It issued 187,500 shares of the common stock for a total of $516,000. The company’s retained earnings balance at the beginning of 2012 was $74,000, and net income for the year was $98,000. During 2012, Doorman declared the specified dividend on pre- ferred and a $0.25 per-share dividend on common. Preferred dividends for 2011 were in arrears.     ▶ Requirement 1. Prepare the stockholders’ equity section of Doorman Corp.’s balance sheet at December 31, 2012. Show the computation of all amounts. Journal entries are not required.

 


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