Comprehensive The shareholders’ equity section of Superior Corporation’s balance sheet as of December 31, 2012, is as follows:
Comprehensive
The shareholders’ equity section of Superior Corporation’s balance sheet as of December 31, 2012, is as follows:
| Shareholders’ Equity | |
| Preferred stock, $100 par value; authorized, 150,000 shares; issued, 15,000 shares | $1,500,000 |
| Common stock, $5 par value; authorized, 1,000,000 shares; issued, 200,000 shares | 1,000,000 |
| Paid-in capital in excess of par—preferred | 60,000 |
| Paid-in capital in excess of par—common | 425,000 |
| Retained earnings | 3,300,000 |
| $6,285,000 |
| The following events occurred during 2013: | |
| Jan. 5 | 50,000 shares of authorized and unissued common stock were sold for $9 per share. |
| Jan. 16 | 50,000 shares of authorized and unissued preferred stock were sold for $110 per share. |
| April 1 | 90,000 shares of common stock were repurchased for the treasury at a price of $16 per share. Superior uses the cost method to account for treasury stock. |
| Sept. 1 | 2,000 shares of preferred stock are issued in exchange for a piece of land. The land has an appraised value of $224,000. The preferred stock currently trades on the New York Stock exchange at a price of $110 per share. |
| Dec. 1 | 35,000 shares of treasury stock are reissued at a price of $21 per share |
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