Kebler Company was incorporated as a new business on January 1, 2017. The corporate charter approved on that date authorized the issuance of 2,000 shares of $100 par, 7% cumulative, nonparticipating preferred stock and 20,000 shares of $5 par common stock. On January 10, Kebler issued for cash 1,000 shares of preferred stock at $120 per share and 8,000 shares of common stock at $80 per share. On January 20, it issued 2,000 shares of common stock to acquire a building site at a time when the stock was selling for $70 per share. During 2017, Kebler established an employee benefit plan and acquired 1,000 shares of common stock at $60 per share as treasury stock for that purpose. Later in 2017, it resold 100 shares of the stock at $65 per share. On December 31, 2017, Kebler determined its net income for the year to be $80,000. The firm declared the annual cash dividend to preferred stockholders and a cash dividend of $5 per share to the common stockholders. The dividend will be paid in 2018. Required Develop the Stockholders’ Equity category of Kebler’s balance sheet as of December 31, 2017. Indicate on the statement the number of shares authorized, issued, and outstanding for both preferred and common stock. View Solution:
Kebler Company was incorporated as a new business on January

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