Question
Presented below is the stockholders' equity section of Marigold Corp. at December 31, 2020: Common stock, par value $20; authorized 75,000 shares; issued and outstanding
Presented below is the stockholders' equity section of Marigold Corp. at December 31, 2020:
Common stock, par value $20; authorized 75,000 shares; |
| |
issued and outstanding 46000 shares | $ 920000 | |
Paid-in capital in excess of par value | 347000 | |
Retained earnings | 501000 | |
$1768000 |
During 2021, the following transactions occurred relating to stockholders' equity: 3300 shares were reacquired at $28 per share. 3500 shares were reacquired at $34 per share. 1800 shares of treasury stock were sold at $30 per share. For the year ended December 31, 2021, Marigold reported net income of $460000. Assuming Marigold accounts for treasury stock under the cost method, what should it report as total stockholders' equity on its December 31, 2021, balance sheet?
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