How would I go about solving and finding correct numbers? Stockholders'...
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How would I go about solving and finding correct numbers?
Stockholders' Equity Section of the Balance Sheet The stockholders' equity of Xeltron Corporation at January 1 follows. Prepare the stockholders' equity section of the balance sheet. 10 % Preferred stock, $100 par value, 20,000 shares authorized: 4,000 shares issued and outstanding $400,000 Common stock, $4 par value, 100,000 shares authorized; $160,000 40,000 shares issued and outstanding Paid-in capital in excess of par value-Preferred stock Paid-in capital in excess of par value-Common stock Retained earnings 800,000 850,000 $2,610,000 Total Stockholders' Equity The following transactions, among others, occurred during the year: Jan. 1 Announced a 2-for-1 common stock split, reducing the par value of the common stock to $2.00 per share. Converted $100,000 face value of convertible bonds payable (the book value of the bonds was $103,000) to common stock. Mar. 31 June Sept. Nov. Dec. 1 1 21 28 31 Each $1,000 bond converted to 120 shares of common stock. Acquired equipment with a fair market value of $40,000 in exchange for 200 shares of preferred stock. Acquired 10,000 shares of common stock for cash at $20 per share. Issued 5,000 shares of common stock at $22 cash per share. Sold 500 treasury shares at $23 per share. Closed net income of $125,000 to the Retained Earnings account
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