Question
On January 1, 2016, Fascom had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 247,000 shares issued 247,000 Paid-in capital
On January 1, 2016, Fascom had the following account balances in its shareholders' equity accounts. |
Common stock, $1 par, 247,000 shares issued | 247,000 |
Paid-in capital - excess of par, common | 494,000 |
Paid-in capital - excess of par, preferred | 165,000 |
Preferred stock, $100 par, 16,500 shares outstanding | 1,650,000 |
Retained earnings | 3,300,000 |
Treasury stock, at cost, 4,700 shares | 23,500 |
During 2016, Fascom Inc. had several transactions relating to common stock. |
January 15: | Declared a property dividend of 100,000 shares of Slowdown Company (book value $11.3 per share, market value $9.65 per share). |
February 17: | Distributed the property dividend. |
April 10: | A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. The market value of the stock was $4 on this date. |
July 18: | Declared and distributed a 4% stock dividend on outstanding common stock. The market value is $5 per share. |
December 1: | Declared a 50 cents per share cash dividend on the outstanding common shares. |
December 20: | Paid the cash dividend. |
Required: |
Without preparing journal entries, prepare the shareholders' equity section of Fascom's balance sheet as of December 31, 2016. Assume net income is $470,000 for 2016. |
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