Boley Corporation reports the following information in its January 1, 2012, balance sheet: Stockholders equity Common stock,

Question:

Boley Corporation reports the following information in its January 1, 2012, balance sheet:

Stockholders’ equity

Common stock, $10 par value,

50,000 shares authorized, 30,000 shares issued and outstanding . $300,000

Paid-in capital in excess of par value ............. 150,000

Retained earnings ...................... 100,000

Total stockholders’ equity ................ $550,000

During 2012, Boley was affected by the following accounting events.

1. Purchased 1,000 shares of treasury stock at $18 per share.

2. Reissued 600 shares of treasury stock at $20 per share.

3. Earned $64,000 of cash service revenues.

4. Paid $38,000 of cash operating expenses.

Required

Prepare the stockholders’ equity section of the year-end balance sheet.

Corporation
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