Chat with us, powered by LiveChat Garman Corp. has the following stockholders equity - BonPapers

Garman Corp. has the following stockholders equity

Garman Corp. has the following stockholders equity information: Garman’s charter authorizes the company to issue 8,000 shares of 5% preferred stock with par value of $130 and 600,000 shares of no-par common stock. The company issued 1,600 shares of the preferred stock at $130 per share. It issued 120,000 shares of the common stock for a total of $513,000. The company s retained earnings balance at the beginning of 2010 was $74,000, and net income for the year was $94,000. During 2010, Garman declared the specified dividend on preferred and a $0.20 per-share dividend on common. Preferred dividends for 2009 were in arrears.Requirement1. Prepare the stockholders equity section of Garman Corp.’s balance sheet at December 31, 2010. Show the computation of all amounts. Journal entries are not required.View Solution: Garman Corp has the following stockholders equity information

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