Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need the answer to additional paid in capital but they send me the wrong answer Part 2 of 2 4 points +Book Prue References

I need the answer to additional paid in capital but they send me the wrong answer
image text in transcribed
Part 2 of 2 4 points +Book Prue References National League Gear has two classes of stock authorized: 5%, $20 par preferred, and $5 par value common The following transactions affect stockholders' equity during 2021, National League's first year of operations February 1 Issue 1.4 million shares of common stock for $21 per stare. February 4 Issue 450.000 shares of preferred stock for 24 per here. June 15 Purchase 140,000 shares of its own common stock for $16 per share. August 15 Resell 105,000 shares of treasury stock for $31 per share. November 1 Declare a cash dividend on its common stock of $1.40 per share and a $400,00 (1 of per value cash dividend on its preferred stock payable to all stockholders of record on November 15. Dividends are not paid on treasury stock.) November 30 Pay the dividends declared on November 1. 2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2021 Net income for the year was $4,760.000 (Amounts to be deducted should be indicated by a minus sign) NATIONAL LEAGUE GEAR Balance Sheet (Stockholders' Equity Section) December 31, 2021 111 Next > Stockholders' equity Preferred stock Common stock Additional paid-in capital Total paid-in capital $9.,200,000 7,000,000 40,440,000 Retained earmings 2.389,000 Treasury stock (560,000) Total stockholders' equity $ 42.269,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate accounting

Authors: J. David Spiceland, James Sepe, Mark Nelson

7th edition

978-0077614041, 9780077446475, 77614046, 007744647X, 77647092, 978-0077647094

More Books

Students also viewed these Accounting questions