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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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