Statement of Changes of Owners\' Equity During the year 2017 the following event

Question

Statement of Changes of Owners' Equity During the year 2017 the following events occurred. Note that all information may not be needed 1. During the year, net income of 5,500,000 was earned. 2. Discontinued operations of $2,500,000 occurred during the year(Tax rate is 30%) . Common Stock Cash Dividends were declared and paid of $600,000 4. Preferred Stock Cash Dividends of $50,000 were declared but not yet paid 5. An extraordinary loss of $1,000,000 occurred during the year (Tax rate is 30%) 6. There was a loss on Available-for Sale securities of $500,000 7. 1,000 shares of Preferred Stock were issued at 106 (par $100) 8. 50,000 shares of $5.00 Par common Stock was issued for $1,500,000 during the year 9. 10,000 shares of Treasury Stock for $650,000 was purchased. 10. Michael Campanella forgot to record $800,000 of depreciation in the year 2012, The marginal tax rate at that time was 30%. 11. Unrealized gain on marketable securities was $12,500 at 12/31/17 Use the above information to complete the Statement of Owners' Equity Statement for the Year Ending December 31 Preferred Stock (Par $100) PIC/PS Common Total Additiona Comprehen. Retained Income Treasury Stock (ParS5) PIC-Cs 2,500,000 Earnings Stock Beginning Balances Correction of 2012 depreciation 4,700,000 700,000 30,000 800,000$14,370,000 ($500,000 22,600,000 Ending Balances

Explanation / Answer

Common Stock ( Par $ 5) Additional PIC: CS Preferred Stock ( Par $ 100) Additional PIC : PS Accumulated Comprehensive Income Retained Earnings Treasury Stock Total Beginning Balances 2,500,000 4,700,000 700,000 30,000 800,000 14,370,000 (500,000) $ 22,600,000 1. 5,500,000 2. 3. (600,000) 4. (50,000) 5. 6. 7. 100,000 6,000 8. 250,000 1,250,000 9. (650,000) 10. (560,000) 11. 12,500 Ending Balances 2,750,000 5,950,000 800,000 36,000 812,500 18,660,000 (1,150,000) 27,858,500

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