Frederick mining had the following income and expense

Reference no: EM131031965


Frederick Mining Company
	Equity Section of Balance Sheet as of January 1, 2016
	Common stock, $10 par value, 200,000 shares authorized
	120,000 shares issued	1,200,000
	Paid-in capital in excess of par value	3,711,250
	Retained earnings	4,651,255
	Total equity	9,562,505

	Prepare an updated equity section of the balance sheet as of December 31, 2016.

1/28/2016	Frederick Mining enters into a loan-modification agreement with the bank, agreeing to appropriate $500,000 of retained earnings to loan repayment.
2/15/2016	Frederick Mining board of directors declares a $1.50-per-share dividend payable on 3/31/2016 to shareholders of record as of 3/15/2016. Frederick uses a dividends account to record dividends declared.
3/31/2016	Cash dividend declared on 2/15/2016 is paid.
7/22/2016	Frederick Mining board of directors declares a 10% stock dividend to be paid 8/15/2016 to shareholders of record as of 8/1/2016. The market value of the stock is $49 immediately prior to the declaration.
8/15/2016	Stock dividend declared on 7/22/16 is paid.
9/18/2016	Frederick Mining buys back 5,000 shares of company stock on the open market for $52 per share. The purchased shares are not retired but are held in treasury.
12/31/2016	Frederick Mining had the following income and expense account balance as of 12/31/2016. Close out income.
		Debit	Credit
	Sales revenue		6,890,000
	Cost of goods sold	4,752,600
	Administrative salary expense	436,500
	Office expense	118,560
	Depreciation expense	12,000
	Transportation expense	18,400
	Interest expense	82,800

12/31/2016	Close out dividends.

Reference no: EM131031965

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