Use the following to answer questions 23 - 26 BRT Corporation was organized on J

Question

Use the following to answer questions 23 - 26

BRT Corporation was organized on January 3, 20XE. The firm was authorized to issue 100,000,000 shares of $0.10 par common stock. During 20XE, BRT had the following transactions relating to shareholders' equity:

Per share Shares Total

Issued common stock (January) $10.00 300,000

Issued common stock (July) $14.00 200,000

Outstanding shares 484,300

Dividends declared $0.30

Treasury stock $13.50

Net income for the year $753,200

23. $__________________What is the additional paid-in capital at the end of 20XE?

24. $__________________What is total Paid-in capital at the end of 20XE?

25. $__________________What is total retained earnings at the end of 20XE?

26. $__________________What is total stockholders’ equity at the end of 20XE?

Explanation / Answer

Particulars Common Stock $0.10 Par shares Additional Paid in Capital Retained Earnings Treasury Stock Total Stock holders equity January Issues of common stock 300000 Shares at $10 per Share (January) 300,000 Shares          30,000             2,970,000 July Issues of common stock 200000 Shares at $14 per Share (July) 200,000 Shares          20,000             2,780,000 Treasury Stock Purcahsed at $13.50 -15,700 Shares (211,950) Net income for the year          753,200 Dividend Declared $ 0.30 per share       (145,290) Balance at the year 484,300 shares          50,000             5,750,000          607,910 (211,950)            6,195,960

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