Thompson Corporation began its business on January 1, 201X. It sold at $28 per share 6,100 shares

Question:

Thompson began its business on January 1, 201X. It sold at $28 per share 6,100 shares of no-par with a stated value of $20 per share. The charter of Thompson indicated 35,000 shares were authorized. Retained earnings were $64,000 on December 31. Prepare the stockholders’ equity section for Thompson on December 31, 201X.

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...