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A company had the following equity account balances on January 1. January 1 balances Preferred stock, $25 par value, 6% stated rate, 140,000 shares authorized,
A company had the following equity account balances on January 1.
January 1 balances | |
---|---|
Preferred stock, $25 par value, 6% stated rate, 140,000 shares authorized, 30,800 shares issued and outstanding | $770,000 |
Paid-in capital in excess of par - preferred stock | $223,000 |
Common stock, $6 par value, 310,000 shares authorized, 74,000 shares issued and outstanding | $444,000 |
Paid-in capital in excess of par - common stock | $511,000 |
Retained earnings | $380,000 |
During the year, the following equity transactions occurred.
Transactions during the year | |
---|---|
January 21 | Issued 21,000 shares of common stock for $15 per share. |
March 10 | Purchased 12,600 shares of its own common stock for $13 per share. |
June 26 | Sold one-half of treasury shares acquired March 10 for $15 per share. |
September 8 | Issued 4,300 shares of preferred stock for $34 per share. |
November 2 | Sold 2,520 of the treasury shares acquired March 10 for $19 per share. |
December 31 | Reported net income for the year of $134,000. |
Complete the following stockholders' equity section of the balance sheet as of December 31.
December 31 balances | |
---|---|
Preferred stock | Question Blank 1 of 6 |
Paid-in capital in excess of par - preferred stock | Question Blank 2 of 6 |
Common stock | Question Blank 3 of 6 |
Paid-in capital in excess of par - common stock | Question Blank 4 of 6 |
Retained earnings | Question Blank 5 of 6 |
Treasury stock | Question Blank 6 of 6 |
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