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At the beginning of the year January 1 Buffalo Drilling has $10000 of common stock outstanding and retained earnings of $7200 During the year Buffalo reports net income of

At the beginning of the year (January 1), Buffalo Drilling has $10,000 of common stock outstanding and retained earnings of $7,200. During the year, Buffalo reports net income of $7,500 and pays dividends of $2,200. In addition, Buffalo issues additional common stock for $7,000.

Required: Prepare the statement of stockholders’ equity at the end of the year (December 31).

Apr 25 2020 View more View Less

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