(Learning Objective 6: Report stockholders’ equity) Doorman Corp. has thefollowing stockholders’ equity information:Doorman’s charter authorizes the company to issue 9,000 shares of 8% preferred stockwith par value of $120 and 700,000 shares of no-par common stock. The company issued 1,800shares of the preferred stock at $120 per share. It issued 140,000 shares of the common stockfor a total of $513,000. The company’s retained earnings balance at the beginning of 2018 was$77,000, and net income for the year was $94,000. During 2018, Doorman declared the specified dividend on preferred and a $0.20 per-share dividend on common. Preferred dividends for2017 were in arrears.Requirement1. Prepare the stockholders’ equity section of Doorman Corp.’s balance sheet at December 31,2018. Show the computation of all amounts. Journal entries are not required.
(Learning Objective 6: Report
following stockholders’ equity information:
Doorman’s charter authorizes the company to issue 9,000 shares of 8%
with par value of $120 and 700,000 shares of no-par common stock. The company issued 1,800
shares of the preferred stock at $120 per share. It issued 140,000 shares of the common stock
for a total of $513,000. The company’s
$77,000, and net income for the year was $94,000. During 2018, Doorman declared the specified dividend on preferred and a $0.20 per-share dividend on common. Preferred dividends for
2017 were in arrears.
Requirement
1. Prepare the stockholders’ equity section of Doorman Corp.’s balance sheet at December 31,
2018. Show the computation of all amounts.
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