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On January 1, 2017, Teal Mountain Inc. had these stockholders equity balances. Common Stock, $1 par (2,000,000 shares authorized, 680,000 shares issued and outstanding) $680,000
On January 1, 2017, Teal Mountain Inc. had these stockholders equity balances.
Common Stock, $1 par (2,000,000 shares authorized, 680,000 shares issued and outstanding) | $680,000 | |
Paid-in Capital in Excess of Par Value | 1,530,000 | |
Retained Earnings | 691,000 | |
Accumulated Other Comprehensive Income | 61,000 |
During 2017, the following transactions and events occurred.
1. | Issued 49,500 shares of $1 par value common stock for $2 per share. | |
2. | Issued 56,000 shares of common stock for cash at $5 per share. | |
3. | Purchased 15,700 shares of common stock for the treasury at $4.00 per share. | |
4. | Declared and paid a cash dividend of $209,500. | |
5. | Earned net income of $423,000. | |
6. | Had other comprehensive income of $19,000. |
Prepare the stockholders equity section of the balance sheet at December 31, 2017.
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