On January 1, 2020, Goodhue Inc. had the following stockholders’ equity balances.

Common Stock (400,000 shares issued) ............................................  $800,000
Paid-in Capital in Excess of Par—Common Stock ............................     500,000
Common Stock Dividends Distributable ...........................................     120,000
Retained Earnings ................................................................................     600,000

During 2020, the following transactions and events occurred.

1. Issued 60,000 shares of $2 par value common stock as a result of 15% stock dividend declared on December 15, 2019. 

2. Issued 30,000 shares of common stock for cash at $4 per share.

3. Purchased 25,000 shares of common stock for the treasury at $5 per share.

4. Declared and paid a cash dividend of $111,000.

5. Sold 8,000 shares of treasury stock for cash at $5 per share.

6. Earned net income of $360,000.

Instructions

Prepare a stockholders’ equity statement for the year.