Question: Stockholders' equit section of Cuppie's stockholders' equity section of the balance sheet at December 31, 2017
Common stock, $2
par value, 10,000,000
shares authorized: 1,400,000
shares issues and outstanding $2,800,000
Additional paid-in capital 3,120,000
Retained Earnings 7,300,000
Total stockholders' equity $13,200,000
During 2017, the following events occurred:
-Authorized to sell 100,000 shares of $100 par, 8% preferred stock
-Sold 15,000 shares of the preferred stock at its par value
- Cash dividend of $120,000 was paid to the preferred stockholders
- Declared and issued a 10% stock dividend on the common stock when the market value of the stock was $13.00 per share.
- Net income for the year was $2,840,000
Answer the following questions:
1. What was preferred stock, as of December 31, 2018?
2. What was the number of shares authorized?
3. What was the number of shares issued and outstanding?
4. What was common stock, as of December 31, 2018?
5. What was the number of shares authorized?
6. What was the number of shares issued and outstanding?
7. What was the total amount of cash dividend?
8. What was the debit to stock dividends account?
9. What was the additional paid-in captial, at Decemeber 31, 2018?
10. What was retained earnings, at January 1, 2018?
11. What was retained earnings, at December 31, 2018?
12. Total Stockholders' Equity, at December 31,2018?
Please be very detailed and explain how you get your answers.