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United Resources Company obtained a charter from the state in January 2014, which authorized 200,000 shares of common stock, $1 par value. During the first
United Resources Company obtained a charter from the state in January 2014, which authorized 200,000 shares of common stock, $1 par value. During the first year, the company earned $590,000 and the following selected transactions occurred in the order given: |
a. | Sold 100,000 shares of the common stock in an initial public offering at $12 per share. |
b. | Repurchased 20,000 shares of the previously issued shares at $15 cash per share for treasury stock. |
c. | Resold 5,000 of the shares of the treasury stock at $18 cash per share. |
Required: |
Prepare the stockholders equity section of the balance sheet at December 31, 2014. (Amounts to be deducted should be indicated with a minus sign.) |
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