Rory Storm Roofing and Siding Inc reported the following

shareholders #3178
Rory Storm Roofing and Siding, Inc. reported the following shareholders’ equity section as of
the beginning of the current year:Rory Storm also issued 823,000 shares of its $ 5 par value
preferred stock. There is a 6% dividend rate on the preferred shares that Rory Storm issued at $
11 per share. The company paid $ 180,000 in underwriting fees to issue the shares. Rory Storm
reported $ 2,633,000 in net income for the year and declared and paid dividends of $ 1 per
share on its common shares and 6% of par for the preferred shares. The company has
1,000,000 shares authorized for preferred stock. Required a. Prepare the journal entry required
to record the preferred stock issue. b. Prepare the journal entries required to record the
declaration and payment of the cash dividends. c. Prepare the stockholders’ equity section of
the balance sheet at the end of the year.View Solution:
Rory Storm Roofing and Siding Inc reported the following shareholders

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