Statement of Stockholders\' Equity You have been asked to assist with the prepar

Question

Statement of Stockholders' Equity You have been asked to assist with the preparation of a statement of stockholders' equity for Palatin Company for the year ended December 31, 2016. You determine the following balances: Common Stock at December 31, 2015 Retained Earnings at December 31, 2015 Net Income during 2016 Dividends during 2016 Issuance of Common Stock during 2016 $47,000 18,750 23.400 9,100 5,000 Prepare a statement of stockholders' equity for Palatin Company for 2016. PALATIN COMPANY Statement of Stockholders' Equity For the Year Ended December 31, 2016 Stock Balance at December 31, 2015 47,000 Issuance of Common Stock Net Income Dividends Peid Enter as negative) Balence et December 31, 2016 Check

Explanation / Answer

Common Stock Retained earnings Total stockholders' equity Balance Dec 31,2015 47000 18750 65750 Issuance of Common Stock 5000 5000 Net income 23400 23400 Dividends paid -9100 -9100 Balance Dec 31,2016 52000 33050 85050

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