Question
The following was extracted from the equity section of the balance sheet of Ear Muffs Corporation. 12/31/2019 12/31/2020 Common Stock ($2 par value) $100,000 $120,000
- The following was extracted from the equity section of the balance sheet of Ear Muffs Corporation.
|
| 12/31/2019 | 12/31/2020 |
| Common Stock ($2 par value) | $100,000 | $120,000 |
| Paid in capital in excess of par | 20,000 | 70,000 |
| Retained earnings | 90,000 | 145,000 |
During 2020, Ear Muffs Corp. declared and issued a small stock dividend. There were no other changes in stock issued and outstanding during 2020. Net income for 2020 was
- $105,000
- $55,000
- $125,000
- $70,000
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Intermediate Accounting Volume 1
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
17th Edition
1119613698, 978-1119613695
