Question
10. Slate Corporation had the following balances in its stockholders' equity accounts at December 31, 20X1: Common Stock, $10 par, 500,000 shares authorized, 20,000
10. Slate Corporation had the following balances in its stockholders' equity accounts at December 31, 20X1: Common Stock, $10 par, 500,000 shares authorized, 20,000 shares issued $ 200,000 Paid-in Capital in Excess of Par Value, Common Retained Earnings Treasury Stock, 1,000 shares Total stockholders' equity The following transactions occurred during 20X2: Sold and issued 2,000 shares of common stock for $22 per share. Feb 3 May 10 Declared a $10,500 cash dividend. Oct 12 Sold 500 shares of the treasury stock for $20 per share. Net income for the year was determined to be $75,000. 250,000 500,000 (20,000) $930,000 Dec 31 Based on the above information, prepare a statement of stockholders' equity for 20X2. Slate Corporation Statement of Stockholders' Equity December 31, 20X2 Common Paid-in Capital Retained Treasury Stock in Excess of Par Earnings Stock Total Equity
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started