80.2K

Verified Solution

Link Copied!

Current Attempt in Progress Culver Company has two classes of capital stock outstanding: 7%, $100 par preferred and $2 par common. At December 31, 2017, the following accounts were included in stockholders' equity. Preferred Stock, 40,000 shares Common stock, 1.100,000 shares Paid-in Capital in Excess of Par - Preferred Stock Paid-in Capital in Excess of Par - Common Stock Retained Earnings $4,000,000 2,200,000 240,000 28,600,000 13,000,000 The following transactions affected stockholders' equity during 2018 Jan. 1 . 500 shares of preferred stock issued at $ 108 per share. Mar 21 - 101,000 shares of common stock issued at $38 per share. June 1 - 2 for 1 common stock split (par value reduced to $1), July 15 - 82,000 shares of common treasury stock purchased at $27 per share. Culver uses the cost method. Sept. 4 . 10,000 shares of treasury stock reissued at $34 per share. Dec. 31. The preferred dividend is declared, and a common dividend of 730 per share is declared, Dec. 31. Net income is $4,370,000. Prepare the stockholders' equity section for Hatch Company at December 31, 2018 CULVER COMPANY Stockholders' Equity December 31, 2018 Prepare the stockholders' equity section for Hatch Company at December 31, 2018. CULVER COMPANY Stockholders' Equity December 31, 2018

Answer & Explanation Solved by verified expert

See Answer