Using the following accounts and balances, prepare the Stockholders’ Equity sect
ID: 2429730 • Letter: U
Question
Using the following accounts and balances, prepare the Stockholders’ Equity section of the balance sheet using Method 1 of
Exhibit 8
. Refer to the lists of Accounts and Amount Descriptions provided for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign.
One hundred thousand shares of common stock are authorized, and 5,000 shares have been reacquired.
Common Stock, $2 par $ 150,000 Paid-In Capital from Sale of Treasury Stock 60,000 Paid-In Capital in Excess of Par—Common Stock 2,250,000 Retained Earnings 10,880,000 Treasury Stock 140,000Explanation / Answer
Stockholder;s equity section :
Paid in capital Common Stock 150000 Paid-In Capital in Excess of Par—Common Stock 2250000 Paid-In Capital from Sale of Treasury Stock 60000 Total paid in capital 2460000 Retained earnings 10880000 Total 13340000 Less: Treasury Stock -140000 Total Stockholder's equity 13200000Related Questions
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