Prepare the stockholders equity section of the balance

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Reference no: EM13575161

Prepare the stockholders' equity section of the balance sheet at December 31, 2014.

The stockholders' equity accounts of Miley Corporation on January 1, 2014, were as follows.

Preferred Stock (7%, $100 par noncumulative, 4,800 shares authorized)		$288,000
Common Stock ($4 stated value, 326,000 shares authorized)		1,043,200
Paid-in Capital in Excess of Par Value-Preferred Stock		11,520
Paid-in Capital in Excess of Stated Value-Common Stock		260,800
Retained Earnings		693,300
Treasury Stock-(4,800 common shares)		38,400

During 2014, the corporation had the following transactions and events pertaining to its stockholders' equity.

Feb. 1		Issued 4,700 shares of common stock for $32,900.
Mar. 20		Purchased 1,810 additional shares of common treasury stock at $8 per share.
Oct. 1		Declared a 7% cash dividend on preferred stock, payable November 1.
Nov. 1		Paid the dividend declared on October 1.
Dec. 1		Declared a $0.80 per share cash dividend to common stockholders of record on December 15, payable December 31, 2014.
Dec.31.		Determined that net income for the year was $282,700. Paid the dividend declared on December 1

Reference no: EM13575161

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