Question
On January 1, 2017, Agassi Corporation had the following stockholders' equity accounts. Common Stock ($10par value,50,000shares issued and outstanding)$500,000Paid-in Capital in Excess of ParCommon Stock515,000Retained
On January 1, 2017, Agassi Corporation had the following stockholders' equity accounts.
Common Stock ($10par value,50,000shares issued and outstanding)$500,000Paid-in Capital in Excess of ParCommon Stock515,000Retained Earnings603,000
During 2017, the following transactions occurred.
Jan. 15Declared and paid a $1.05cash dividend per share to stockholders.Apr. 15Declared and paid a 10% stock dividend. The market price of the stock was $13per share.May 15Reacquired2,200common shares at a market price of $16per share.Nov. 15Reissued1,100shares held in treasury at a price of $19per share.Dec. 31Determined that net income for the year was $374,000.
Determine the ending balances for Contributed Capital, Retained Earnings, and Stockholders' Equity.
Ending balances
Contributed Capital $
Retained Earnings $
Stockholders' Equity $
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Financial Accounting
Authors: Jeffrey Waybright, Robert Kemp
1st Edition
013606048X, 9780136060482
