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  3. on december 31, 2016, sandhill co. had 1, 295,000

On December 31, 2016, Sandhill Co. had 1, 295,000 shares of $5 par common stock...

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On December 31, 2016, Sandhill Co. had 1, 295,000 shares of $5 par common stock issued and outstanding. At December 31, 2016, stockholders' equity had the amounts listed here. Transactions during 2017 and other information related to stockholders' equity accounts were as follows. 1. On January 10, 2017, issued at $105 per share 119,000 shares of $100 par value, 7% cumulative preferred stock. 2. On February 8, 2017, reacquired 16, 700 shares of its common stock for $15 per share. 3. On May 9, 201 declared the yearly cash dividend on preferred stock, payable June 10, 2017, to stockholders of record on May 31, 2017 4. On June 8, 2017, declared a cash dividend of $1.70 per share on the common stock outstanding, payable on July 10, 2017, to stockholders of record on July 1, 2017. 5. Net income for the year was $3, 598,000. Prepare the stockholders' equity section of Sandhill balance sheet at December 31, 2017. SANDHILL CO. Partial Balance Sheet December 31, 2017

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