Question

Stockholders' Equity Section of Balance Sheet

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

Common Stock, $45 par	$3,060,000
Paid-In Capital from Sale of Treasury Stock	115,000
Paid-In Capital in Excess of Par—Common Stock	272,000
Retained Earnings	20,553,000
Treasury Stock	324,000

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.

Goodale Properties Inc.
Stockholders' Equity
June 30
Paid-In Capital:
Common Stock, $45 Par (80,000 Shares Authorized, 68,000 Shares Issued)	$
Excess of Issue Price Over Par
Paid-in capital, common stock		$
From Sale of Treasury Stock
Total Paid-In Capital			$
Retained Earnings
Total			$
Treasury Stock (9,000 Shares at Cost)
Total Stockholders' Equity			$

Answer 1

Goodale Properties Inc.
Stockholders' Equity
June 30
Paid-In Capital:
Common Stock, $45 Par (80,000 Shares Authorized, 68,000 Shares Issued)	3060000
Excess of Issue Price Over Par	272000
Paid-in capital, common stock		3332000
From Sale of Treasury Stock		115000
Total Paid-In Capital			3447000
Retained Earnings			20553000
Total			24000000
Treasury Stock (9,000 Shares at Cost)			324000
Total Stockholders' Equity			23676000
Note: Treasury Stock can alternatively be written with a minus sign