Stockholders\' Equity Section of Balance Sheet The following accounts and their

Question

Stockholders' Equity Section of Balance Sheet

The following accounts and their balances appear in the ledger of Goodale Properties Inc. on June 30 of the current year:

Prepare the Stockholders’ Equity section of the balance sheet as of June 30 using Method 1 of Exhibit 8. Eighty thousand shares of common stock are authorized, and 865 shares have been reacquired.

Common Stock, $15 par $796,500 Paid-In Capital from Sale of Treasury Stock 32,700 Paid-In Capital in Excess of Par—Common Stock 21,240 Retained Earnings 1,250,000 Treasury Stock 16,435

Explanation / Answer

Goodale Properties Inc. Stockholders' Equity June 30, 20XX Paid-In Capital: Common Stock, $45 Par (80,000 Shares Authorized, 17,700 Shares Issued) $796,500 Excess over par Paid-in capital, common stock $21,240 From Sale of Treasury Stock $32,700 Total Paid-In Capital $850,440 Retained Earnings $1,250,000 Total $2,100,440 Treasury Stock (865 Shares at Cost) -$16,435 Total Stockholders' Equity $2,084,005

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