On January 1, 2021, Fascom had the following account balances in its shareholders' equity accounts.

Common stock, $1 par, 250,000 shares issued	$	250,000
Paid-in capitalexcess of par, common		500,000
Paid-in capitalexcess of par, preferred		100,000
Preferred stock, $100 par, 10,000 shares outstanding		1,000,000
Retained earnings		2,000,000
Treasury stock, at cost, 5,000 shares		25,000

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 $10 per share, fair value $9 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 3% 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 $500,000 for 2021.

On January 1, 2021, Fascom had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 250,000 shares issued Paid-in capital-excess of par, common Paid-in capital-excess of par, preferred Preferred stock, $100 par, 10,000 shares outstanding Retained earnings Treasury stock, at cost, 5,000 shares $ 250,000 500,000 100,000 1,000,000 2,000,000 25,000 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 $10 per share, fair value $9 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 capital-excess of par.) The fair value of the stock was $4 on this date. July 18: Declared and distributed a 3% 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 $500,000 for 2021. (Negative amounts should be entered with a minus sign.) Answer is complete but not entirely correct. FASCOM Balance Sheet (Partial) December 31, 2021 Shareholders' equity Preferred stock $ 1,000,000 509,700 Common stock Paid-in capital - excess of par, preferred Paid-in capital - excess of par. common 100,000 558.800 x