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On January 1 2016 Osgood Film Studios reported the following alphabetical list of shareholders equity items Additional paidin pital on common stock $170000 Additional paid-in capital

On January 1, 2016, Osgood Film Studios reported the following alphabetical list of shareholders’ equity items: Additional paid-in capital on common stock.......... $170,000 Additional paid-in capital on preferred stock.......... 12,000 Common stock, $2 par.................. 80,000 Preferred stock, $100 par................. 60,000 Retained earnings................... 209,000 During 2016, the company sold 3,000 shares of common stock for $10 per share and 500 shares of preferred stock for $125 per share. It also earned income of $99,000 and paid dividends of $8 per share on the preferred stock and $1.50 per share on the common stock outstanding at the end of 2016. Required: Prepare Osgood’s statement of shareholders’ equity (include retained earnings) for 2016.

 

Apr 30 2020 View more View Less

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