Question
The following data are from the accounts of Color Corp. at December 31, 2020 Retained earnings, beginning balance--------------------------------------------------------- $900,000 Common stock, $____ par, 100,000 shares
The following data are from the accounts of Color Corp. at December 31, 2020
Retained earnings, beginning balance--------------------------------------------------------- $900,000
Common stock, $____ par, 100,000 shares authorized, 50,000 shares issued -----------------1,000,000
Treasury stock, 1,000 shares --------------------------------------------------------------------20,000
Paid-in capital in excess of par Common stock ---------------------------------------------400,000
Bonds Payable ----------------------------------------------------------------------------------200,000
Net income for 2020 (not included in retained earnings above)-----------------------------190,000
Dividends declared and paid during 2020 (not included in retained earnings above)-------80,000
Required:
- Determine the value of the following items. Type/write your response after each item where indicated.
- Total retained earnings at end of 2020
- Total stockholders equity
- Average original selling price per share
- Par value per share of common stock
- Cost per share of treasury stock
- Number of shares of common stock outstanding
- Prepare the stockholders equity section of the balance sheet at December 31, 2020
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