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problem: A company had the following balances in its stockholders' equity accounts at December 31, 2004:

Common stock, $10 par, 50,000 shares authorized, 20,000 shares issued

$200,000

Contributed capital in excess of par value, common

250,000

Retained earnings

500,000

Treasury stock, 1,000 shares

-20,000

Total stockholders' equity

$930,000

The following occurred during 2005:

[A] February 3 - Sold and issued 3,000 shares of common stock for a sell price of $72 per share.

[B] May 10 - Declared a $0.50 per share cash dividend on common stock.

[C] October 12 - Sold 500 shares of treasury stock for $20 per share.

[D] December 31 - Net income for the year is $75,000.

 Required:

[A] Make a statement of stockholders' equity for 2005.

[B] Please show your supporting computation and label them to indicate which numbers in the statement they are supporting.

Basic Finance, Finance

  • Category:- Basic Finance
  • Reference No.:- M916134

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