RUC Creant t-accounts Common Stock Issuance, Treasury Stock, Preferred Stock, Dividends, Comprehensive Income, Disclosure. Castleline, Inc. reported the following shareholders' equity section as of the beginning of the current year: Stockholders' Equity Contributed Capital: Common Stock, $1 par value, 3,850,000 shares authorized, 905,000 shares $ 905,000 issued, and 821,500 shares outstanding Additional Paid-in Capital in Excess of Par-Common 22,625,000 Total Contributed Capital $ 23,530,000 Retained Earnings $ 8,957,450 Accumulated Other Comprehensive Income 1,057,600 Less: Treasury Stock (83,500 common shares at cost) (1,670,000) Total Stockholders' Equity $31.875,050 During the current year, Castleline engaged in the following transactions affecting the stockholders' equity section of its current balance sheet. I. Issued 400,000 shares of its $1 par value common stock at $31 per share. The underwriter charged a 3% fee for issuing the shares. The stock issue costs are not capitalized. 2. Issued 500.000 shares of $10 par value 6% preferred stock (2,550,000 authorized) at $40 per share, These shares were privately placed and Castleline did not pay stock issue costs. 3. Purchased 220,000 shares of common stock at $32 per share. 4. Declared a $450,000 dividend for the first half of the year. (The declarations should be recorded sepa rately for the common and the preferred shares.) 5. Sold 105,000 of the treasury shares at $44 per share. (The 83,500 treasury shares on hand at the beginning of the year are considered sold first. The company paid $20 per share for these shares of treasury stock). 6. Paid the cash dividends. Accounting for Stockholders' Equity Required a. What is other comprehensive income for the current year? b. What is comprehensive income for the current year? c. What is the ending balance of accumulated other comprehensive income? RUC Creant t-accounts Common Stock Issuance, Treasury Stock, Preferred Stock, Dividends, Comprehensive Income, Disclosure. Castleline, Inc. reported the following shareholders' equity section as of the beginning of the current year: Stockholders' Equity Contributed Capital: Common Stock, $1 par value, 3,850,000 shares authorized, 905,000 shares $ 905,000 issued, and 821,500 shares outstanding Additional Paid-in Capital in Excess of Par-Common 22,625,000 Total Contributed Capital $ 23,530,000 Retained Earnings $ 8,957,450 Accumulated Other Comprehensive Income 1,057,600 Less: Treasury Stock (83,500 common shares at cost) (1,670,000) Total Stockholders' Equity $31.875,050 During the current year, Castleline engaged in the following transactions affecting the stockholders' equity section of its current balance sheet. I. Issued 400,000 shares of its $1 par value common stock at $31 per share. The underwriter charged a 3% fee for issuing the shares. The stock issue costs are not capitalized. 2. Issued 500.000 shares of $10 par value 6% preferred stock (2,550,000 authorized) at $40 per share, These shares were privately placed and Castleline did not pay stock issue costs. 3. Purchased 220,000 shares of common stock at $32 per share. 4. Declared a $450,000 dividend for the first half of the year. (The declarations should be recorded sepa rately for the common and the preferred shares.) 5. Sold 105,000 of the treasury shares at $44 per share. (The 83,500 treasury shares on hand at the beginning of the year are considered sold first. The company paid $20 per share for these shares of treasury stock). 6. Paid the cash dividends. Accounting for Stockholders' Equity Required a. What is other comprehensive income for the current year? b. What is comprehensive income for the current year? c. What is the ending balance of accumulated other comprehensive income
