Question
On January 1, 2021, Fascom had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 241,000 shares issued $ 241,000 Paid-in
On January 1, 2021, Fascom had the following account balances in its shareholders' equity accounts.
Common stock, $1 par, 241,000 shares issued $ 241,000 Paid-in capital-excess of par, common 482,000 Paid-in capital-excess of par, preferred 195,000 Preferred stock, $100 par, 19,500 shares outstanding 1,950,000 Retained earnings 3,900,000 Treasury stock, at cost, 4,100 shares 20,500
During 2021, Fascom Inc. had several transactions relating to common stock.
January 15: Declared a property dividend of 100,000 shares of Slowdown Company (book value $11.9 per share, fair value $9.95 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. (Fascom chose to reduce Paid-in capitalexcess of par.) The fair value of the stock was $4 on this date. July 18: Declared and distributed a 4% stock dividend on outstanding common stock. The fair 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, 2021. Assume net income is $410,000 for 2021. (Negative amounts should be entered with a minus sign.)
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