Question

On January 1, 2020, Oriole Inc. had the following stockholders' equity balances.

Common Stock (595,000 shares issued)	$1,190,000
Paid-in Capital in Excess of Par-Common Stock	530,000
Common Stock Dividends Distributable	210,000
Retained Earnings	640,000

During 2020, the following transactions and events occurred.

1.		Issued 105,000 shares of $2 par value common stock as a result of 15% stock dividend declared on December 15, 2021.
2.		Issued 52,500 shares of common stock for cash at $4 per share.
3.		Purchased 30,000 shares of common stock for the treasury at $5 per share.
4.		Declared and paid a cash dividend of $112,000.
5.		Sold 5,000 shares of treasury stock for cash at $5 per share.
6.		Earned net income of $380,000.

Prepare a stockholders' equity statement for the year.

Oriole Inc. Stockholders' Equity Statement Paid-in Capital in Common Excess of Stock Par - Dividends Common Stock Distributable Common Stock Treasury Stock Retained Earnings Total Balances, Jan. 1 Issued 105,000 share for stock dividend Issued 52,500 shares for cash Purchased 30,000 shares of treasury stock Declared cash dividend Sold 5,000 shares of treasury stock Net income for year Balances, Dec. 31

Answer 1

	Common stock	Paid-in Capital in excess of par common stock	Common stock Dividends Distributable	Treasury Stock	Retained Earnings	Total
Balances, Jan 1	$1,190,000	$530,000	$210,000		$640,000	$2,570,000
Issued 105,000 shares for stock dividends	$230,000		-$230,000			$0
Issued 52,500 shares for cash	$105,000	$105,000				$210,000
Purchased 30,000 shares treasury Stock				-$150,000		-$150,000
Declared cash dividend					$112,000	$112,000
Sold 5,000 shares of treasury Stock				$25,000
Net income for year					$380,000
Balances, Dec. 31	$1,525,000	$635,000	-$20,000	-$125,000	$1,132,000	$2,742,000

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