Question

The following accounts and their balances appear in the ledger of Goodale Properties Inc. on June 30 of the current year:

1	Common stock, $45 par	$3,141,000.00
2	Paid-In Capital from Sale of Treasury Stock	122,400.00
3	Paid-In Capital in Excess of Par-Common Stock	279,200.00
4	Retained Earnings	20,530,300.00
5	Treasury Stock	332,500.00

Prepare the Stockholders’ Equity section of the balance sheet as of June 30 using Method 1 of

Exhibit 8

. Eighty thousand shares of common stock are authorized, and 9,500 shares have been reacquired. Refer to the lists of Accounts and Amount Descriptions provided for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtractive or negative numbers use a minus sign.

Answer 1

Balance Sheet (Partial) As of June 30 Stockholder's Equity Paid-in Capital: Common Stock, $45 par (80,000 shares authorized, 69.800 shares issued) $3.141.000 Excess of Par-Common Stock $279,200 $3,420,200 From Sale of Treasury Stock Total Paid-in Capital $3,542,600 Retained Earnings $20,530,300 Total $24,072,900 Treasury Stock (9,500 shares) -$332,500 Total Stockholder's equity $23,740,400 $122,400

Answer 2

The following accounts appear in the ledger of Akram Inc, after the books are elosed at December 31, 2018. Common Stock. RSI par value, 500,000 shares authorized, 400,000 shares issued Common Stock Dividends Distributable RS 400,000 60,000 Paid-in Capital in Excess of Par Common Stock Preferred Stock. RS 100 par valuc, 6%, 10,000 shares authorized: 2,000 shares issued 650,000 Retained Earnings Treasury Stock (10,000 common shares) Paid-in Capital in Excess of Par Preferred Stock 920,000 85,000 310,000 Instructions Prepare the stockholders' equity section at December 31, 2014, assuming that retained earnings is restricted for plant expansion in the amount of RS 200,000.