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The stockholders' equity account balances of THE Company are given below: January 1, 2021 Common stock ..................... 639,000 Paid-in capital common stock .... 923,000 Retained
The stockholders' equity account balances of THE Company are given below: January 1, 2021 Common stock ..................... 639,000 Paid-in capital common stock .... 923,000 Retained earnings ...... 388,000 ............... The common stock account at January 1 consisted of 71,000 shares at a $9 par value per share. During 2021, THE Company entered into the following transactions: February 1 Re-acquired 30,000 of the common shares for $16 per share March 6 Re-issued 9,000 of the shares re- acquired on February 1 for $14 per share June 17 Re-issued 7,000 of the shares re- acquired on February 1 for $21 per share August 3 Issued 18,000 shares of previously un-issued common stock for $26 per share November 11 Re-issued 11,000 of the shares re-acquired on February 1 for $13 per share December 18 Declared and paid a $2 dividend per share on the outstanding shares of common stock THE Company reported a net income of $300,000 for 2021. 1. Calculate the balance in the paid-in capital-common stock account at December 31,2021 2. Calculate the balance in the treasury stock account at December 31,2021 3. Calculate the balance in the paid-in capital-treasury stock account at December 31, 2021 4. Calculate the balance in the retained earnings account at December 31,2021
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