Kenny Co began operations on January 1 2014 by issuing

#6478
Kenny Co. began operations on January 1, 2014, by issuing at $15 per share one-half of the
950,000 shares of $1 par value common stock that had been authorized for sale. In addition,
Kenny has 500,000 shares of $5 par value, 6% preferred shares authorized. During 2014,
Kenny had $1,025,000 of net income and declared $237,500 of dividends.During 2015, Kenny
had the following transactions:Jan. 10 Issued an additional 100,000 shares of common stock for
$17 per share.Apr. 1 Issued 150,000 shares of the preferred stock for $8 per share.July 19
Authorized the purchase of a custom-made machine to be delivered in January 2016.Kenny
restricted $295,000 of retained earnings for the purchase of the machine.Oct. 23 Sold an
additional 50,000 shares of the preferred stock for $9 per share.Dec. 31 Reported $1,215,000 of
net income and declared a dividend of $635,000 to stockholders of record on January 15, 2016,
to be paid on February 1, 2016.1. Prepare the Stockholders' Equity section of Kenny's balance
sheet for December 31, 2014.2. Prepare a statement of changes in stockholders' equity for
2015.3. Prepare the Stockholders' Equity section of Kenny's balance sheet for December 31,
2015.View Solution:
Kenny Co began operations on January 1 2014 by issuing

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