10 Nov The two cases described below are independent of e
The two cases described below are independent of each other. Each case provides the information necessary to prepare the stockholders’ equity section of a corporate balance sheet. a. Early in 2007, Wesson Corporation was formed with the issuance of 50,000 shares of capital stock at $5 per share. The corporation reported a net loss of $32,000 for 2007, and a net loss of $12,000 in 2008. In 2009 the corporation reported net income of $90,000 and declared a dividend of 50 cents per share. b. Martin Industries was organized early in 2005 with the issuance of 100,000 shares of capital stock at $10 per share. During the first five years of its existence, the corporation earned a total of $800,000 and paid dividends of 25 cents per share each year on the common stock. Required: Prepare the stockholders’ equity section of the corporate balance sheet for each company for the year ending December 31, 2009.
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