steven s restorations was organized in january 2011 during 2011 steven s engaged in 4374443

Steven’s Restorations was organized in January 2011. During 2011, Steven’s engaged in the following stockholders’ equity activities: a. Secured approval for a corporate charter that authorizes Steven’s to sell 1,000,000, $10 par common shares and 75,000, $100 par preferred shares. b. Sold 480,000 of the common shares for $15 per share. c. Sold 25,000 of the preferred shares for $105 per share. d. Repurchased 2,000 shares of the common stock at a cost of $18 per share. e. Earned net income of $107,000. f. Paid dividends of $13,000. Required: Prepare the stockholders’ equity portion of Steven’s balance sheet as of December 31, 2011. View Solution:
Steven s Restorations was organized in January 2011 During 2011 Steven s

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