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The balance sheet of Amusement, Inc., at December 31, 2017, reported 950,000 shares of $2 par common stock authorized with 110,000 shares issued and outstanding.
The balance sheet of Amusement, Inc., at December 31, 2017, reported 950,000 shares of $2 par common stock authorized with 110,000 shares issued and outstanding. Paid-in capital in excess of parcommon had a balance of $330,000. Retained earnings had a balance of $120,000. During 2018, the company completed the following selected transactions: 1. Record the transactions in the journal. Explanations are not required. 2. Prepare the stockholders' equity section of the balance sheet at December 31, 2018, assuming the company earned $74,000 of net income during the year. Feb Mar Sep 15 Purchased 12,000 shares of treasury stock at $9 per share. 8 Sold 8,000 shares of treasury stock for $11 per share. 28 Declared and distributed a 5% stock dividend on the 106,000 shares of outstanding common stock. The market value of Amusement's common stock was $10 per share. Requirement 2. Prepare the stockholders' equity section of the balance sheet at December 31, 2018, assuming the company earned $74,000 of net income during the year. (Enter the accounts in the proper order for the stockholders' equity section of the balance sheet.) Stockholders' Equity Paid-in capital: Total stockholders' equity
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