ABC Corporations stockholders equity section at December 31, 2017 appears below:

Stockholders equity

Paid-in capital

Common stock, $15 par, 50,000 outstanding $ 750,000

Paid-in capital in excess of par 150,000

Total paid-in capital $ 900,000

Retained earnings 200,000

Total stockholders equity $ 1,100,000

On June 30, 2018, the board of directors of ABC Corporation declared a 10% stock dividend, payable on July 31, 2018, to stockholders of record on July 15, 2018. The fair market value of ABC Corporations stock on June 30, 2018, was $20.

On December 1, 2018, the board of directors declared a 3 for 1 stock split effective

December 15, 2018. ABC Corporations stock was selling for $25 on December 1, 2018, before the stock split was declared. Par value of the stock was adjusted. Net income for 2018 was $500,000 and there were $100,000 cash dividends declared.

INSTRUCTIONS

(a) Fill in the amount that would appear in the stockholders equity section for ABC

Corporation at December 31, 2018, for the following items:

1. Common stock $ __________________

2. Number of shares outstanding $ __________________

3. Par value per share $ __________________

4. Paid-in capital in excess of par $ __________________

5. Retained earnings $ __________________

6. Total stockholders equity $ __________________

ABC Corporations stockholders equity section at December 31, 2017 appears below:

Stockholders equity

Paid-in capital

Common stock, $15 par, 50,000 outstanding $ 750,000

Paid-in capital in excess of par 150,000

Total paid-in capital $ 900,000

Retained earnings 200,000

Total stockholders equity $ 1,100,000

On June 30, 2018, the board of directors of ABC Corporation declared a 10% stock dividend, payable on July 31, 2018, to stockholders of record on July 15, 2018. The fair market value of ABC Corporations stock on June 30, 2018, was $20.

On December 1, 2018, the board of directors declared a 3 for 1 stock split effective

December 15, 2018. ABC Corporations stock was selling for $25 on December 1, 2018, before the stock split was declared. Par value of the stock was adjusted. Net income for 2018 was $500,000 and there were $100,000 cash dividends declared.

INSTRUCTIONS

(a) Fill in the amount that would appear in the stockholders equity section for ABC

Corporation at December 31, 2018, for the following items:

1. Common stock $ __________________

2. Number of shares outstanding $ __________________

3. Par value per share $ __________________

4. Paid-in capital in excess of par $ __________________

5. Retained earnings $ __________________

6. Total stockholders equity $ __________________