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The following information was extracted from the records of TAC Corporation at the end of the fiscal year after all adjusting entries were completed: Common
The following information was extracted from the records of TAC Corporation at the end of the fiscal year after all adjusting entries were completed:
Common stock ($17 par value; 105,000 shares authorized, 39,000 shares issued, 36,000 shares outstanding) | $ | 663,000 | ||
Additional paid-in capital | 168,000 | |||
Dividends declared and paid during the year | 19,000 | |||
Retained earnings at the beginning of the year | 71,000 | |||
Treasury stock at cost (3,000 shares) | (41,000 | ) | ||
Net income for the year was $35,000. The stock price is currently $26.69 per share.
Required:
1. Prepare the stockholders' equity section of the balance sheet at the end of the fiscal year. (Amounts to be deducted should be indicated by a minus sign.)
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