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On January 1, 2020, ABC Corp. had issued 100,000 shares of $5 par value common stock for cash at $10 per share. It authorized
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a. Prepare stockholders equity section:
Shareholder equity
Paid - in Capital
      Common stock, $5 par value, 500,000 shares Authorized
         100,000 shares issued & outstanding                                [100,000 shares x $5] $500,000
      Paid-in capital in excess of par value - Common stock       [100,000 shares x ($10 - $5)] $500,000
           Total Paid-In Capital                                                      [$500,000 + $500,000] $1,000,000
Retained Earnings $350,000
Total Stockholders' Equity                                                      [$1,000,000 + $350,000] $1,350,000
b. Update and prepare stockholders equity section of ABC Corp. at December 31, 2020
Shareholder equity
Paid - in Capital
      Common stock, $1 par value, 500,000 shares Authorized
         100,000 shares issued & outstanding $500,000
      Paid-in capital in excess of par value - Common stock $500,000
           Total Paid-In Capital      $1,000,000
Retained Earnings $350,000
Total Paid-In Capital and Retained Earnings $1,350,000
Less: Treasury stock                [$10,000 shares x $8] $80,000
Total Stockholders' Equity        [$1,350,000 - $80,000] $1,270,000
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