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 belance sheet. Five-hundred thousand shares of common stock are authorized, and 40,000 shares have been reacquired Common Stock, $120 par Paid-In Capital from Sale of Treasury Stock Paid-In Capital in Excess of Par- Common Stock Retained Earnings Treasury Stock $48,000,000 4,500,000 6,400,000 63,690,000 5,200,000 Paid-In Capital Common Stock, $120 Par Shares Authorized, 400,000 Shares $48,0000 6400,000 Excess of Issue Price Over Par Paid-in capital, common stock 4,500,000x 4,500,000 1,900,000 x From Sale of Treasury Stock Total Paid-In Capital 63,630,000 Total 122,580,000 Stock (40,000 Shares at 5200,000 Total Stockhoders' Equity 117,380,000

Explanation / Answer

Paid in capital, common stock is addition of common stock at par and excess of issue price over par.

Total Paid in Capital is addition of Paid in capital, common stock and paid in capital from sale of treasury stock

Paid in Capital: Common Stock $120 par $48,000,000 Excess of issue price over par $6,400,000 Paid in Capital, common stock $54,400,000 From sale of Treasury Stock $4,500,000 Total Paid in Capital $58,900,000 Retained Earnings $63,680,000 Total $122,580,000 Treasury Stock (40000 shares at cost) $5,200,000 Total Stockholders' Equity $117,380,000

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