The following information applies to the questions displayed below The following

Question

The following information applies to the questions displayed below The following account balances were selected from the records of TAC Corporation at the end of the fiscal year after all adjusting entries were completed Common stock ($17 par value; 102,000 shares authorized, 39,000 shares issued, 34,000 shares outstanding) Additional paid-in capital Dividends declared and paid during the year Retained earnings at the beginning of the year Treasury stock at cost (5,000 shares) $663,000 165,000 1,000 83,000 (25,000) Net income for the year was $39,000. The stock price is currently $25.49 per share. 3. 1 Required information .50 points Required: 1. Prepare the stockholders' equity section of the balance sheet at the end of the fiscal year. (Amounts to be deducted should be indicated by a minus sign.) TAC Corporation Balance Sheet (Partial) At December 31, This Fiscal Year Stockholders' equity: Contributed capital Total contributed capital

Explanation / Answer

Stockholder's equity: Contributed capital: 102000 Common Share authorized @ 17 1734000 39000 share issued @ 17 663000 Add: Additional paid in capital 165,000 Contributed capital: 828,000 Add: Balance in Retained earnings 111,000 (83000-11000+39000) Total Contributed capital and retained earnig 939,000 Less: Treasury stock held (5000 shares @ 5) 25000 Stockholder's equity 914000 Dividend Per share: (11000/34000) 0.32 Market price per share 25.49 Dividend yield ratio 0.01 (Dividend per share/ MP per share) Number of shares of stock received dividend 34000 shares

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