On January 1, 2012, Gabriel Inc. had these stockholder equity balances. Common Stock , $1 par (1,000,000

Question:

On January 1, 2012, Gabriel 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 2012, the following transactions and events occurred.
1. Issued 70,000 shares of $1 par common stock for $245,000.
2. Issued 40,000 common shares for cash at $4 per share.
3. Purchased 18,000 shares of common stock for the treasury at $4 per share.
4. Declared and paid a cash of $296,000.
5. Reported net income of $510,000.
Instructions
Prepare the stockholders’ equity section of the at December 31, 2012.

Common Stock
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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,...