On 1 January 20X1, ACE Corporation showed the following account balances:

During 20X1, the following events occurred:
a The corporation issued 1000 shares of additional stock for \(\$ 30000\).
b Net income for the year was \(\$ 39000\).
c Dividends in the amount of \(\$ 12000\) were declared and paid to shareholders.
Required:
Prepare the shareholders' equity section of ACE Corporation's balance sheet on 31 December 20X1.

Transcribed Image Text:

Paid-Up Capital ($10 par) Retained earnings $100 000 69 700