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 $3,060,000.00 2 Paid-In Capital from Sale of Treasury Stock 115,000.00 3 Paid-In Capital in Excess of Par-Common Stock 272,000.00 4 Retained Earnings 20,553,000.00 5 Treasury Stock 324,000.00 Prepare the Stockholders’ Equity section of the balance sheet as of June 30. Eighty thousand shares of common stock are authorized, and 9,000 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. “Deduct” will automatically appear if required.

Answer 1

Goodale Properties Inc. Stockholders' Equity June 30, 20xx Paid-In Capital: Common stock, $45 par, 80,000 shares authorized, 68,000** issued Excess of issue price over par From sale of treasury stock Total Paid-In Capital Retained Earnings $3,060,000 $272,000 $3,332,000 $115,000 S3,447,000 $20,553,000 S24,000,000 $324,000 Total Deduct: Treasury stock, 9,000 shares at cost Total Stockholders' Equity $23,676,000 **68,000 - S3,060,000 / S45 par value