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[answered] Marvin's Shrimp Restaurant incorporated as a new busin


Marvin?s?Shrimp?Restaurant?incorporated?as?a?new?business?on?January?1,?2015.?The?company?is?authorized?to?issue 40,000?shares?of?$1?par?value?common?stock,?and?10,000?shares?of?4%,?$5?par?value,?cumulative,?participating preferred?stock.?On?January?1,?2015?the?company?issued?15,000?shares?of?common?stock?for?$8?per?share.?Net income?for?the?year?ended?December?31,?2015,?was?$115,000.?Cash?dividends?in?the?amount?of?$30,000?were declared,?but?only?$25,000?were?paid?as?of?year-end.?Prepare?the?stockholders'?equity?section?of?the?balance?sheet?for Marvin?s?Shrimp?Restaurant?at?December?31,?2015.

 


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