The stockholders' equity section on the December 31 balance
sheet of Chemfast Corporation reported the following
|Preferred Stock (par $20; authorized 10,000 shares, ? issued, of which 1,000 shares are held as treasury stock)||$||108,000|
|Additional Paid-In Capital, Preferred||15,390|
|Common Stock (no-par; authorized 20,000 shares, issued and outstanding 6,200 shares)||632,400|
|Treasury Stock, 1,000 Preferred shares at a cost||(9,600||)|
Assume that no shares of treasury stock have been sold in the past.
Complete the following statements. (Decreases should be indicated by a minus sign. Round per share to 2 decimal places.):
1. The treasury stock transactions increase (decreased) stockholders' equity by?
2. Total stockholders’ equity is?
1) Treasury stock transaction (decrease) Stockholder's equity by -9600
2) Total Stockholder's equity
|Common Stock (no-par; authorized 20,000 shares, issued and outstanding 6,200 shares)||632400|
|Preferred Stock (par $20; authorized 10,000 shares, ? issued, of which 1,000 shares are held as treasury stock)||108000|
|Additional Paid-In Capital, Preferred||15390|
|Total paid in capital||755790|
|Less: Treasury stock||-9600|
|Total Stockholder's equity||778190|
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