P8-5B. Prepare equity section of balance sheet. (LO 1, 2, 5)
On July 1, 2006, Philbrick Company had 500,000 shares of $1 par common stock issued and outstanding. The shareholder’s equity accounts at July 1, 2006, had the following balances.
| Common stock | $ 500,000 |
| Additional paid-in capital | 36,500,000 |
| Retained earnings | 22,100,000 |
The following transactions occurred during the fiscal year ended June 30, 2007.
1. On July 30, issued 50.000 shares of $ 100 par value, 67o cumulative preferred stock at $103.
2. On October 1, reacquired 20,000 shares of common stock for $76 per share.
3. On December 1, declared a cash dividend of $2.50 per share on the common stock outstanding, payable on December 31, 2006, to shareholder of record on November 15.
4. Paid dividends to preferred shareholders on December 3I,2006.
5. Net income for the year ended June 30, 2007, was $5,150,000.
Required
Prepare the shareholder’s equity section of Philbrick’s balance sheet at June 30, 2007.
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