stockholders’ equity section of Kennedy Company’s Kennedy Company reported the following balances at December 31, 2012: common stock $500,000; paid-in capital in excess of par value $200,000; retained earnings $350,000. During 2013, the following transactions affected stockholders’ equity. 1. Issued preferred stock with a par value of $250,000 for $290,000. 2. Purchased treasury stock (common) for $70,000. 3. Earned net income of $220,000. 4. Declared and paid cash dividends of $86,000 ($16,000 preferred). Instructions (a) Prepare the stockholders’ equity section of Kennedy Company’s December 31, 2013, balance sheet. (b) Compute Kennedy’s 2013 return on common stockholders’ equity. Business Management Assignment Help, Business Management Homework help, Business Management Study Help, Business Management Course Help
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