Reporting Stockholders\' Equity Using the following accounts and balances, prepa

Question

Reporting Stockholders' Equity Using the following accounts and balances, prepare the Stockholders' Equity section of the balance sheet using Method 1 of Exhibit 8. 20,000 shares of common stock authorized, and 10,000 shares have been reacquired Common Stock, $80 par Pald-in Capital from Sale of Treasury Stock Pald-In Capital In Excess of Par-Common Stock Retalned Earmings Treasury Stock $1,120,000 22,000 224,000 616,000 15,000 enn 1,353 0 Pald-In Capital: Common Stock, $80 Par Treasury Stock x 1120,000 22000X Paid-in capital, common stock 224000 X 16,000X 40,000X 15,000 X 825,000 x Retained Earnings x Total Pald-in Capital Treasury Stock Total Treasury Stock Total Stockholders Equty 823.000x Recall that paid-in capital rofects tha total amount that has beon paid into the business by tho stockholdars for ownarship in tha corporation

Explanation / Answer

Stockholder's equity :

Paid in capital Common Stock 1120000 paid in capital in excess of par, common Stock 224000 1344000 Paid in capital from sale of treasury stock 22000 Total paid in capital 1366000 Retained earnings 616000 Total 1982000 Treasury stock -15000 Total stockholder's equity 1967000

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