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12. ABC incorporated as a new business on January 1, 2018....

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12. ABC incorporated as a new business on January 1, 2018. The company is authorized to issue 40,000 shares of $1 par value common stock and 10,000 shares of 4%,$5 par value, cumulative, participating preferred stock. On January 1 , 2018 , the company issued 15,000 shares of common stock for $8 per share. Net income for the year ended December 31 , 2018 , was $115,000. Cash dividends in the amount of $30,000 were declared, but only $25,000 were paid as of year-end. Prepare the Stockholders' Equity section of the balance sheet for Marvin's Shrimp Restaurant at December 31,2018. Stockholder's Equity Section of the Balance Sheet At December 31, 2018 Preferred stock, %,$ par value, cumulative, participating, shares authorized, shares issued and outstanding. Common stock, $ par value, shares authorized, issued and outstanding..... Additional paid-in capital-common stock. Retained earnings.. Total stockholders' equity

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