Question: On December 31, 2016, Jons Company had 1,300,000 shares of $5 par common stock issued and outstanding. At December 31, 2016, stockholders' equity had the amounts listed here.
Common stock $6,500,000
Additional Paid-in Capital 1,800,000
Retained earnings 1,200,000
Transactions during 2017 and other information related to stockholders' equity accounts were as follows.
1. On January 10, 2017, issued at $107 per share 120,000 shares of $100 par value, 9% cumulative preferred stock.
2. On February 8, 2017, reacquired 15,000 shares of its common stock for $11 per share.
3. On May 9, 2017, declared the yearly cash dividend on preferred stock, payable June 10, 2017, to stockholders of record on May 31, 2017.
4. On June 8, 2017, declared a cash dividend of $1.20 per share on the common stock outstanding, payable on July 10, 2017, to stockholders of record on July 1, 2017. 5. Net income for the year was $3,600,000.
Instructions: Prepare the stockholders' equity section of Jons' balance sheet at December 31, 2017.