Textbook Problem

Presentation of Stockholders' Equity

Steven’s Restorations was organized in January 2019. During 2019, Steven’s engaged in the following stockholder's equity activities:

1. Secured approval for a corporate charter that authorizes Steven’s to sell 1,000,000, $10 par common shares and 75,000, $100 par preferred shares.
2. Sold 480,000 of the common shares for $15 per share.
3. Sold 25,000 of the preferred shares for $105 per share.
4. Repurchased 2,000 shares of the common stock at a cost of $ 18 per share.
5. Earned net income of $107,000.
6. Paid dividends of $13,000.

Required:

Prepare the stockholders equity portion of Steven’s balance sheet as of December 31, 2019.