Peeler Company was incorporated as a new business on January 1, 2017. The corporate charter approved on that date authorized the issuance of 1,100 shares of $100 par, 7% cumulative, nonparticipating preferred stock and 12,000 shares of $5par common stock. On January 10, Peeler issued for cash 480 shares of preferred stock at $125 per share and 4,300 shares of common stock at $80 per share. On January 20, it issued 1,100 shares of common stock to acquire a building site at atime when the stock was selling for $68 per share.During 2017, Peeler established an employee benefit plan and acquired 540 shares of common stock at $60 per share as treasury stock for that purpose. Later in 2017, it resold 120 shares of the stock at $68 per share.On December 31, 2017, Peeler determined its net income for the year to be $41,400. The firm declared the annual cash dividend to preferred stockholders and a cash dividend of $5 per share to the common stockholders. The dividends will bepaid in 2018.Required:1. Develop the Stockholders' Equity category of Peeler's balance sheet as of December 31, 2017. For those boxes in which you must enter subtracted or negative numbers use a minus sign.Peeler CompanyPartial Balance SheetDecember 31, 2017Stockholders' equityPreferred stockCommon stockAdditional paid-in capital-preferred stockAdditional paid-in capital-common stockAdditional paid-in capital-treasury stockTotal contributed capitalRetained earningsTreasury stockTotal stockholders' equity4,00027,5008,600Number of shares authorizedNumber of shares issuedNumber of shares outstanding404,500960$484,56020,23023,780481,0102. Indicate on the statement the number of shares authorized, issued, and outstanding for both preferred and common stock.Preferred StockCommon Stock1,100 ✔12,000 ✓430 X5,500 X430 X5,090 X

Outstanding shares are the share that shows the total number of shares issued by the company after…

Answered: Peeler Company was incorporated as a…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Peeler Company was incorporated as a new business on January 1 par common stock. On January 10, Peeler issued for cash 480 sha time when the stock was selling for $68 per share.