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Stockholders' Equity: Transactions and Statement The stockholders' equity section of Night Corporation's balance sheet at January 1 follows: Common stock, 58 par value, 300,000 shares authorized, 60,000 shares 480,000 issued, 6,000 shares in treasury Additional paid-in capital In excess of par value 720,000 From treasury stock 45,000 765,000 Retained earnings 522,000 1,767,000 Less: Treasury stock (6,000 shares) at cost 207,000 Total StockholdersTM Equity 1,560,000 The following transactions affecting stockholders equity occurred during the year: Jan. 8 Issued 15,000 shares of previously unissued common stock for $31 cash per share. Mar. 12 Sold all of the treasury shares for $42 cash per share. June 30 Declared a five percent stock dividend on all outstanding shares of common stock. The market value of the stock was $37 per share. July 10 Issued the stock dividend declared on June 30. Oct. 7 Acquired 2.500 shares of common stock as treasury stock at $39 cash per share. Dec. 18 Declared a cash dividend of $1.00 per outstanding common share, payable on January 9 to stockholders of record on December 31. b. Prepare a statement of stockholdersTM equity. Net income for the year is $511,500. Journal Entries Statement of Stockholders' Equity Note: Use negative signs with your answers when appropriate (reduction to retained earnings, acquired treasury stock and treasury sto Night Corporation Statement of Stockholders' Equity For Year Ended December 31 Paid-in-Capital Common Paid-in-Capital from Retained Treasury Stock in Excess of Par Treasury Stock Earnings Stock Total Balance, January 1 $ 480,000 $ 720,000 $ 45,000 $ 522,000 $ (207,000) $ 1,560,000 330,750 X Common shares issued 120,000 345,000 0 465,000 6,000 Treasury shares sold 0 45,000 207,000 252,000 Stock Dividends Issued 126,000 X 456,750 X (582,750) X 0 2.500 Treasury shares acquired 0 0 (97,500) (97,500) Cash Dividends Declared 0 0 (330,750) X 0 (330,750) X Net Income 0 511,500 0 511,500 Balance, December 31 $ 3,252,000 x $ 1,521,750 X $ 90,000 $ (391,500) * $ (97,500) $ 4,374,750 X Check