Instructions Accounts and Amount Descriptions Using the following accounts and b
ID: 2407706 • Letter: I
Question
Instructions Accounts and Amount Descriptions Using the following accounts and balances, prepare the Stockholders' Equity section of the balance sheet using Method 1 of Exhibit 8. 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 subtracted or negative numbers use a minus sign. Accounts and Amount Descriptions Common stock, $50 par (250,000 shares authorized, 182,500 shares issued) Common stock, $50 par (250,000 shares authorized, 213,000 shares issued) Dividends on common stock Excess over par Two hundred fifty thousand shares of common stock are authorized, and 15,100 shares have been reacquired. Common Stock. $50 par Paid-In Capital from Sale of Treasury Stock Paid-in Capital in Excess of Par-Common Stock Retained Earnings Treasury Stock $10,650,000 320,000 3,190,000 19,200,000 981,500 From sale of treasury stock Issuance of additional common stock Net income Paid-in capital, common stock Purchase of treasury stock Retained earnings Total Total paid-in capital Total stockholders' equity Treasury stock (15,100 shares at cost)Explanation / Answer
Stockholders' Equity
Common Stock, $50 par (250000 shares authorized,213000 shares issued) 10650000 Excess over par 3190000 13840000 From sale of treasury stock 320000 Total paid in capital 14160000 Retained earnings 19200000 Total 33360000 Deduct: Treasury stock (15100 at cost) 981500 Total stockholders' equity 32378500