Exercise 229 (Part Level Submission) The stockholders' equity section of Piper Corporation's balance sheet at December 31, 2016, appears below: Stockholders' equity Paid-in capital Common stock, $10 par value, 400,000 shares authorized; 300,000 issued and outstanding Pald-in capital in excess of par Total paid-in capital Retained earnings Total stockholders' equity $3,000,000 1,200,000 4,200,000 900,000 $5,100,000 During 2017, the following stock transactions occurred: Jan. 18 Issued 80,000 shares of common stock at $23 per share. Purchased 20,000 shares of Piper Corporation's common stock at $25 per share to be held in the Aug. 20 Prepare the stockholders' equity section of the balance sheet for Piper Corporation at December 31, 2017. Assume that net income for the year was $150,000 and that no dividends were declared. PEPER CORPORATION Balance Sheet (Partial) December 31, 2017 Paid-in Capital Common stock, $10 par value, 400,000 shares authorized, 380,000 shares issued, and 360,000 shares outstanding : . . . . In Excess of Par Value . Total Paid-in Capital . Retained Earnings Less : Treasury Stock (20,000 shares) Total Stockholders' Equity Click if you would like to show Work for this questioni Coen Show Work Attempts: 0 of 1 used SAVE FOR LATER SUBMIT ANSWER Exercise 229 (Part Level Submission) The stockholders' equity section of Piper Corporation's balance sheet at December 31, 2016, appears below: Stockholders' equity Pald-in capital Common stock, $10 par value, 400,000 shares authorized; 300,000 issued and outstanding $3,000,000 Paid-in capital in excess of par 1,200,000 Total pald-in capital 4,200,000 Retained earnings 900,000 Total stockholders' equity $5,100,000 During 2017, the following stock transactions occurred: Jan. 18 Issued 80,000 shares of common stock at $23 per share. Purchased 20,000 shares of Piper Corporation's common stock at $25 per share to be held in the treasury. Aug. 20 32 (b) Prepare the stockholders' equity section of the balance sheet for Piper Corporation at December 31, 2017. Assume that net income for the year was $150,000 and that no dividends were declared. PIPER CORPORATION Balance Sheet (Partial) December 31, 2017 Pald-in Capital Common stock, $10 per value, 400,000 shares authorthed, 380,000 shares issued, and 360,000 shares outstanding : . . . : In Excess of Par Value + Total Pald-in Capital Retained Earnings . Less Treasury Stock (20,000 shares) Total Stockholders' Equity Click if you would like to Show Work for this questions Open Show Work Attempts: 0 of 1 used