Donnie Hilfiger has two classes of stock authorized: $1 par preferred and $0.01 par value common. As of the beginning of 2021, 300 shares of preferred stock and 4,000 shares of common stock have been issued.

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Donnie Hilfiger has two classes of stock authorized: $1 par preferred and $0.01 par value common. As of the beginning of 2021, 300 shares of preferred stock and 4,000 shares of common stock have been issued.

Donnie Hilfiger has two classes of stock authorized: $1 par preferred and $0.01 par value common. As of the beginning of 2021, 300 shares of preferred stock and 4,000 shares of common stock have been issued. The following transactions affect stockholders’ equity during 2021:

March	1	Issue 1,100 shares of common stock for $42 per share.
May	15	Purchase 400 shares of treasury stock for $35 per share.
July	10	Resell 200 shares of treasury stock purchased on May 15 for $40 per share.
October	15	Issue 200 shares of preferred stock for $45 per share.
December	1	Declare a cash dividend on both common and preferred stock of $0.50 per share to all stockholders of record on December 15. (Hint: Dividends are not paid on treasury stock.)
December	31	Pay the cash dividends declared on December 1.

Donnie Hilfiger has the following beginning balances in its stockholders’ equity accounts on January 1, 2021: Preferred Stock, $300; Common Stock, $40; Additional Paid-in Capital, $76,000; and Retained Earnings, $30,500. Net income for the year ended December 31, 2021, is $10,800.

Taking into consideration the beginning balances on January 1, 2021 and all the transactions during 2021, respond to the following for Donnie Hilfiger:

Required:

1. Prepare the stockholders’ equity section of the balance sheet as of December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.)

DONNIE HILFIGER
Balance Sheet
(Stockholders' Equity Section)
December 31, 2021
Stockholders' Equity:


Total Paid-in Capital	____



Total Stockholders' Equity	____

2. Prepare the statement of stockholders’ equity for the year ended December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.)

DONNIE HILFIGER
Statement of Stockholders' Equity
For the Year Ended December 31, 2021
	Preferred Stock	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock	Total Stockholders' Equity
Balance, January 1
Issue Common Stock
Purchase Treasury Stock
Resell Treasury Stock
Issue Preferred Stock
Declare Cash Dividends
Net Income
Balance, December 31

business accounting

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