Discard Changes

On January $1,2020,$ Teal Mountain Corporation had $$2,010,000$ of $$10$ par value common stock outstanding that was issued at par and retained earnings of $$1,030,000.$ The company issued $200,000$ shares of common stock at $$12$ per share on July $1.$ On December $15,$ the board of directors declared a $15\%$ stock dividend to stockholders of record on December $31,2020,$ payable on January $15,2021.$ The market value of Teal Mountain Corporation stock was $$15$ per share on December $15$ and $$16$ per share on December $31.$ Net income for $2020$ was $$520,000.$

TEAL MOUNTAIN CORPORATION

Balance Sheet $($Partial$)$

December $31,2020$

Stockholders' Equity

Paid$-$in Capital