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During the current year, Thomson had the following stock transactions: The company authorized the sale of 10% preferred stock, 50,000 shares at par value of $50. Sold 20,000 shares of preferred stock at $75 per share. Purchased 5,000 shares of common stock at $20 per share for cash. Declared and distributed a 2% stock dividend to common stockholders when market price was $25 per share. Declared and paid $90,000 in cash dividends to common and preferred stockholders. Sold 2,000 shares of treasury stock at $16 per share. Net loss is $134,000. Prepare the stockholder's equity section of the balance sheet for year end 2008.
Explanation / Answer
I would like to see how this is worked out. Thank you
