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On January 1, 2022, Sage Hill Inc. had these stockholders equity balances. Common Stock, $1 par (2,500,000 shares authorized, 650,000 shares issued and outstanding) $650,000
On January 1, 2022, Sage Hill Inc. had these stockholders equity balances.
Common Stock, $1 par (2,500,000 shares authorized, 650,000 shares issued and outstanding) | $650,000 | |
Paid-in Capital in Excess of Par Value | 1,420,000 | |
Retained Earnings | 698,000 | |
Accumulated Other Comprehensive Income | 50,000 |
During 2022, the following transactions and events occurred.
1. | Issued 46,500 shares of $1 par value common stock for $2 per share. | |
2. | Issued 61,000 shares of common stock for cash at $6 per share. | |
3. | Purchased 22,500 shares of common stock for the treasury at $3.05 per share. | |
4. | Declared and paid a cash dividend of $205,500. | |
5. | Earned net income of $422,000. | |
6. | Had other comprehensive income of $15,800. |
Prepare the stockholders equity section of the balance sheet at December 31, 2022.
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