The Quick Chips Company, a fast-food manufacturer, began operations in January 2004. It issued 500,000 shares of $0.25 par value common stock. The stock sold for $20 per share. There are 600,000 shares authorized. In 2006, the company repurchased 15,000 shares of stock at a cost of $26 per share. Quick Chips’s net income and cash dividend payments have been as follows:Draft the stockholders’ equity section of Quick Chips’s balance sheet for the years ended December 31, 2005 and2006.
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The Quick Chips Company a fast food manufacturer began operati



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