Kingbird Company has two classes of capital stock outstanding: 8%, $20 par preferred and $5 par common. At December 31, 2025, the following accounts were included in stockholders' equity. Preferred Stock, 160,200 shares Common Stock, 1,983,000 shares Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Par-Common Stock Retained Earnings The following transactions affected stockholders' equity during 2026. Jan. 1 Feb. 1 June 1 $3,204,000 9,915,000 200,000 26,495,000 4,431,000 July 1 Sept. 15 Dec. 31 Dec. 31 29,300 shares of preferred stock issued at $24 per share. 48,800 shares of common stock issued at $21 per share. 2-for-1 stock split (par value reduced to $2.50). 28,100 shares of common treasury stock purchased at $11 per share. Kingbird uses the cost method. 10,200 shares of treasury stock reissued at $12 per share. The preferred dividend is declared, and a common dividend of 55¢ per share is declared. Net income is $2,103,000. Prepare the stockholders' equity section for Kingbird Company at December 31, 2026. (Enter account name only and do not provide descriptive information)
Kingbird Company has two classes of capital stock outstanding: 8%, $20 par preferred and $5 par common. At December 31, 2025, the following accounts were included in stockholders' equity. Preferred Stock, 160,200 shares Common Stock, 1,983,000 shares Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Par-Common Stock Retained Earnings The following transactions affected stockholders' equity during 2026. Jan. 1 Feb. 1 June 1 $3,204,000 9,915,000 200,000 26,495,000 4,431,000 July 1 Sept. 15 Dec. 31 Dec. 31 29,300 shares of preferred stock issued at $24 per share. 48,800 shares of common stock issued at $21 per share. 2-for-1 stock split (par value reduced to $2.50). 28,100 shares of common treasury stock purchased at $11 per share. Kingbird uses the cost method. 10,200 shares of treasury stock reissued at $12 per share. The preferred dividend is declared, and a common dividend of 55¢ per share is declared. Net income is $2,103,000. Prepare the stockholders' equity section for Kingbird Company at December 31, 2026. (Enter account name only and do not provide descriptive information)
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter20: Corporations: Organization And Capital Stock
Section: Chapter Questions
Problem 1MP: Stockholders equity accounts and other related accounts of Gonzales Company as of January 1, 20--,...
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