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Company G had the following balances at the beginning of 2016: Retained earnings at 1/1/16 were $600,000. Common stock at 1/1/16 was $ 300,000.
Company G had the following balances at the beginning of 2016: Retained earnings at 1/1/16 were $600,000. Common stock at 1/1/16 was $ 300,000. Additional Paid-in Capital at 1/1/16 was $900,000. The description of the common stock at 1/1/16 was: $10 par value, 100,000 shares authorized, 30,000 shares issued and outstanding. During 2016 (its second year), Company G had the following activity: 1. Cash dividends of $1 per share were declared and paid to the common shareholders on February 1, 2016. 2. On June 1, 2016, Company G made a 100% stock split. 3. On September 1 of 2016, Company G repurchased 2,000 shares of its own stock at $23 per share. Company G uses the cost method to account for treasury stock transactions. 4. On December 1 of 2016, Company G reissued 500 shares of the treasury stock at $21 per share. 5. Net income was $100,000 for the year. Required: A. Complete the Statement of Stockholders' Equity by posting the equity portion of the above transactions. B. Complete the Stockholders' Equity section of the Balance Sheet, including the appropriate description of the Common Stock and the Treasury Stock A. Statement of Stockholders' Equity CS $300,000 1/1/16 2/1/16 6/1/16 9/1/16 12/1/16 12/31/16 Total APIC-CS RE TS APIC-TS $900,000 $600,000 $ 0 $ 0 B. Stockholders' Equity complete this section, with correct amounts and descriptions: Common Stock Additional Paid-in Capital - Common Stock Additional Paid-in Capital - Treasury Stock Retained Earnings Treasury Stock Total Stockholders' Equity
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