Question

Using the following accounts and balances, prepare the Stockholders' Equity section of the balance sheet Refer to the list of Accounts and Amount Descriptions provided for the exact wording of the answer choices for text entries. Two hundred fifty thousand shares of common stock are authorized, and 15,100 shares have been reacquired. Common Stock, Sopar Paid-In Capital from Sale of Treasury Stock Paid-In Capital in Excess of Par-Common Stock $10,650,000 320,000 3,190,000 19,200,000 981,500 Retained Earnings Treasury Stock

Answer 1

Solution:

Stockholders' Equity
	$$
Paid in Capital:
Common Stock, $50 par	$1,200,000
Paid in Capital in Excess of Par - Common Stock	$3,190,000
Paid in Capital from Treasury Stock	$320,000
Total paid in capital	$4,710,000
Retained Earnings	$19,200,000
Total Paid in Capital and retained earnings	$23,910,000
Less: Treasury Stock (15,100 Shares)	($981,500.00)
Total Stockholders' Equity	$22,928,500

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