On January 1, 2010, Leyland Inc. had these stockholder equity balances. Common Stock , $1 par (1,000,000

Question:

On January 1, 2010, Leyland Inc. had these stockholder equity balances. , $1 par (1,000,000 shares authorized;
500,000 shares issued and outstanding) .....$ 500,000
Paid-in Capital in Excess of .......1,000,000
Retained Earnings ..............600,000
During 2010, the following transactions and events occurred.
1. Issued 50,000 shares of $1 par common stock for $125,000.
2. Issued 40,000 common shares for cash at $4 per share.
3. Purchased 15,000 shares of common stock for the treasury at $4 per share.
4. Declared and paid a cash of $160,000.
5. Reported net income of $450,000.
Instructions
Prepare the stockholders’ equity section of the at December 31, 2010.

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial... Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their... Par Value
Par value is the face value of a bond. Par value is important for a bond or fixed-income instrument because it determines its maturity value as well as the dollar value of coupon payments. The market price of a bond may be above or below par,...