13-06 Reporting Stockholders\' Equity Using the following accounts and balances,
ID: 2333684 • Letter: 1
Question
13-06
Reporting Stockholders' Equity
Using the following accounts and balances, prepare the Stockholders' Equity section of the balance sheet using Method 1 of Exhibit 8. 30,000 shares of common stock authorized, and 1,000 shares have been reacquired.
Common Stock, $30 par
$720,000
Paid-In Capital from Sale of Treasury Stock
29,000
Paid-In Capital in Excess of Par—Common Stock
168,000
Retained Earnings
396,000
Treasury Stock
15,000
Stockholders' Equity
Paid-In Capital:
$
$
Total Paid-in Capital
$
Total
$
Total Stockholders' Equity
$
Common Stock, $30 par
$720,000
Paid-In Capital from Sale of Treasury Stock
29,000
Paid-In Capital in Excess of Par—Common Stock
168,000
Retained Earnings
396,000
Treasury Stock
15,000
Explanation / Answer
Stockholders' Equity Paid-In Capital : Common stock, $ 30 par (30000 shares of common stock authorized and 24000 shares are issued, of which 1000 shares are held in treasury stock) $720,000 Paid-In Capital in Excess of Par - Common Stock $168,000 Paid-In Capital in Excess of Par - Treasury Stock $29,000 Total Paid-In Capital $917,000 Retained Earnings $396,000 Subtotal $1,313,000 Less : Treasury Stock (1000 shares of common at $ 15 cost) $15,000 Total Stockholders' Equity $1,298,000
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