Webber Company has provided you with the following information concerning its shareholders’ equity:
• Common stock, $1 par value, 1,000,000 shares authorized, 650,000 shares issued, 600,000 shares outstanding. The average additional paid-in capital was $30 per share when the shares were issued.
• Preferred stock, $100 par value, 500,000 shares authorized, 350,000 shares issued and outstanding. There is no additional paid-in capital on preferred shares. The preferred stock pays a 6 percent dividend and is cumulative.
• The beginning balance of retained earnings was $1,455,000. Dividends were declared during the year. The common stock dividend was $1.50 per share. The net income for the period was $5,980,500. Treasury stock was purchased during the year for $20 per share.
Prepare the shareholders’ equity section of the balance sheet for Webber.
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