Kelly groucutt company reported the following balances

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Kelly Groucutt Company reported the following balances at December 31, 2009: common stock $400,000; paid-in capital in excess of par value $100,000; retained earnings $250,000. 

During 2010, the following transactions affected stockholder's equity.

1. Issued preferred stock with a par value of $125,000 for $200,000.

2. Purchased treasury stock (common) for $40,000.

3. Earned net income of $140,000.

4. Declared and paid cash dividends of $56,000.

Instructions

Prepare the stockholders' equity section of Kelly Groucutt Company's December 31, 2010, balance sheet.

Reference no: EM131134512

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