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Headland Company reported the following amounts in the stockholders’ equity section of its December 31, 2016,...

Headland Company reported the following amounts in the stockholders’ equity section of its December 31, 2016, balance sheet. Preferred stock, 9%, $100 par (10,000 shares authorized, 1,800 shares issued) $180,000 Common stock, $5 par (101,500 shares authorized, 20,300 shares issued) 101,500 Additional paid-in capital 130,000 Retained earnings 486,000 Total $897,500 During 2017, Headland took part in the following transactions concerning stockholders’ equity. 1. Paid the annual 2016 $9 per share dividend on preferred stock and a $2 per share dividend on common stock. These dividends had been declared on December 31, 2016. 2. Purchased 1,800 shares of its own outstanding common stock for $41 per share. Headland uses the cost method. 3. Reissued 700 treasury shares for land valued at $31,400. 4. Issued 510 shares of preferred stock at $104 per share. 5. Declared a 10% stock dividend on the outstanding common stock when the stock is selling for $45 per share. 6. Issued the stock dividend. 7. Declared the annual 2017 $9 per share dividend on preferred stock and the $2 per share dividend on common stock. These dividends are payable in 2018. Prepare the December 31, 2017, stockholders’ equity section. Assume 2017 net income was $333,000.

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Calculation of final position on Dec 31, 2017:
PS CS ADD CAPI RE Treasury Stock
as on 1/1/17 180000 101500 130000 486000
1 No Entry
2 -9000 73800
3 3500 2700 -28700
4 51000 2040
5&6 9600 76800 -86400
7 -63030
8 333000
Net Total 231000 105600 211540 669570 45100
Statement of Shareholder's Equity as on Dec 31, 2017:
Amount $
Common stock @ Par $5, O/s 21120 shares 105600
Pref. Stock @ Par $100, O/s 2310 shares 231000
Additional Capital Paid 211540
Total Capital contributed 548140
Add: Retained Earnings 669570
Less:Treasury Stock -45100
Shareholder's Equity 1172610
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