Cheyenne Company has two classes of capital stock outstanding: 8%, $20 par preferred and $5 par common. At December 31, 2020,the following accounts were included in stockholders' equity.Preferred Stock, 148,200 shares$ 2,964,000Common Stock, 1,991,000 shares9,955,000Paid-in Capital in Excess of Par-Preferred Stock207,000Paid-in Capital in Excess of Par-Common Stock26,478,000Retained Earnings4,495,000The following transactions affected stockholders' equity during 2021.Jan. 129,200 shares of preferred stock issued at $23 per share.Feb. 146,100 shares of common stock issued at $21 per share.June 12-for-1 stock split (par value reduced to $2.50).July 128,900 shares of common treasury stock purchased at $10 per share. Cheyenne uses the cost method.Sept. 159,200 shares of treasury stock reissued at $12 per share.Dec. 31The preferred dividend is declared, and a common dividend of 53¢ per share is declared.Dec. 31Net income is $2,138,000. Prepare the stockholders' equity section for Cheyenne Company at December 31, 2021. (Enter account name only and do not providedescriptive information.)CHEYENNE COMPANYStockholders' Equity24$4

Name: Cheyenne Company has two classes of capital stock outstanding: 8%, $2
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Description: Cheyenne Company has two classes of capital stock outstanding: 8%, $20 par preferred and $5 par common. At December 31, 2020,the following accounts were included in stockholders' equity.Preferred Stock, 148,200 shares$ 2,964,000Common Stock, 1,991,0

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Cheyenne Company has two classes of capital stock outstanding: 8%, $20 par preferred and $5 par common. At December 31, 2020, the following accounts were included in stockholders' equity.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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