Dirk Company reported the following balances at December 31, 2014: common stock

Question

Dirk Company reported the following balances at December 31, 2014: common stock $393,150; paid-in capital in excess of par value—common stock $107,720; and retained earnings $242,380. During 2015, the following transactions affected stockholders' equity.

1. Issued preferred stock with a par value of $129,300 for $203,880.

2. Purchased treasury stock (common) for $39,630.

3. Earned net income of $143,640.

4. Declared and paid cash dividends of $59,330.

DIRK COMPANY Balance Sheet (Partial) December 31, 2015

Explanation / Answer

Dirk Company

Balance Sheet ( Partial), as of December 31, 2015

Stockholders' Equity:

$ $ Common stock 393,150 Treasury stock ( 39,630) 353,520 Preferred stock 129,300 Paid-in capital in excess of par Common stock 107,720 Preferred stock 74,580 182,300 Retained earnings 326,690 Total stockholders' equity 991,810

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