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    Anne Cleves Company Equity Section

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    E15-18 (Dividends and Stockholders' Equity Section) Anne Cleves Company reported the following amounts in the stockholders' equity of its December 31, 2006, balance sheet.

    Preferred stock, 10%, $100 par (10,000 shares
    authorized, 2,000 shares issued) $200,000
    Common stock, $5 par (100,000 shares authorized
    20,000 shares issued) 100,000
    Additional paid-in capital 125,000
    Retained earnings 450,000
    Total $875,000

    Instructions:
    (a) Prepare journal entries to record the transactions described above.
    (b) Prepare the December 31, 2007, stockholders' equty section. Assume 2007
    net income was $330,000.

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    E15-18 (Dividends and Stockholders' Equity Section) Anne Cleves Company reported the following amounts in the stockholders' equity of its December ...

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