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Problem:

The company had following balances in its stockholders' equity accounts at the month of 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

Following occurred throughout 2005:

1) February 3 - Sold and issued 3,000 shares of the common stock for the sell price of $72 per share.

2) May 10 - Declared the $0.50 per share cash dividend on common stock.

3) October 12 - Sold 500 shares of the treasury stock for $20 per share.

4) December 31 - Net income for year is $75,000.

Required:

1) Make a statement of the stockholders' equity IN GOOD FORMAT for 2005.

2) Show your work. Please show your supporting computation and label them to designate which numbers in statement they’re supporting.

Basic Finance, Finance

  • Category:- Basic Finance
  • Reference No.:- M910698

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