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(Solution) - Doorman Corp has the following stockholders equity information

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Doorman Corp. has the following stockholders? equity information:
Doorman?s charter authorizes the company to issue 7,000 shares of 10% preferred stock with par value of $140 and 750,000 shares of no-par common stock. The company issued 1,400 shares of the preferred stock at $140 per share. It issued 187,500 shares of the common stock for a total of $516,000. The company?s retained earnings balance at the beginning of 2012 was $74,000, and net income for the year was $98,000. During 2012, Doorman declared the specified dividend on preferred and a $0.25 per-share dividend on common. Preferred dividends for 2011 were in arrears.

Prepare the stockholders? equity section of Doorman Corp.?s balance sheet at December 31, 2012. Show the computation of all amounts. Journal entries are not required.


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