On January 1, 2019, Powder Company provided the following shareholders’ equity section of its balance sheet:
Contributed Capital:
Preferred stock, $100 par …………………………………………………………………$ 92,800
Common stock, $5 par ……………………………………………………………………….37,400
Additional paid-in capital on preferred stock ……………………………………..21,500
Additional paid-in capital on ……………………………………….58,700
Total contributed capital …………………………………………………………………$210,400
Retained earnings ……………………………………………………………………………185,700
Total Shareholders’ Equity ……………………………………………………………….$396,100
During 2019, the following transactions and events occurred and were properly recorded:
1. Powder issued 1,800 shares of at $13 per share.
2. Powder issued 340 shares of preferred stock at $130 per share.
3. Powder earned net income of $38,950.
4. Powder paid a $7 per share on the preferred stock and a $1 per share on the outstanding at the end of 2019.
Required:
Prepare Powder’s statement of shareholders’ equity (include retained earnings) for 2019.
