GL1101 (Algo) - Based on Problem 11-2A LO C3, P2, P3 Myconos Company reports the following components of stockholders' equity on January 1. Common stock-$10 par value, 130,000 shares authorized, 50,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity During the year, the following transactions affected its stockholders' equity accounts. $ 500,000 75,000 410,000 $ 985,000 January 2 Purchased 5,000 shares of its own stock at $23 cash per share. January 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. February 28 Paid the dividend declared on January 5. July 6 Sold 2,500 of its treasury shares at $27 cash per share. August 22 Sold 2,500 of its treasury shares at $19 cash per share. September 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. October 28 Paid the dividend declared on September 5. December 31 Closed the $238,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Total Stockholders' Equity - January 1 January 2) Purchased 5,000 shares of its own stock at $23 cash per share. January 5) Directors declared a $2 per share cash dividend payable on Feb. 28 to the Feb. 5 stockholders of record. February 28) Paid the dividend declared on January 5. July 6) Sold 2,500 of its treasury shares at $27 cash per share. August 22) Sold 2,500 of its treasury shares at $19 cash per share. September 5) Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. October 28) Paid the dividend declared on September 5. December 31) Closed the $238,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Impact on equity $ 985,000 Stockholders' equity 115,000 x 90,000 decreased Stockholders' equity decreased No change in total equity Stockholders' equity 67,500 increased Stockholders' equity 47,500 increased Stockholders' equity decreased No change in total equity Stockholders' equity increased Total Stockholders' Equity - as calculated on December 31 Total Stockholder's Equity as reported on Stockholder's Equity tab Unreconciled difference: 100,000 238,000 $ 1,643,000 $ 1,033,000 $ 610,000