Problem 11 8 n January 1, 2019, Goodhue Inc, had the following stockholders\' eq

Question

Problem 11 8 n January 1, 2019, Goodhue Inc, had the following stockholders' equity balances. $800,000 ommon Stock (400,000 shares issued) Pad-in Capital in Excess of Par-Common Stock 500,000 Common Stock Dividends Distributable Retained Earnings 120,000 600,000 aring 2019, the following transactions and events accurred 15% stock dividend declared on December 15, 2018. 1. Issued 60,000 shares of $2 par value common stock as a result of 2. Issued 30,000 shares of common stock for cash at $4 per share. . Purchased 25,000 shares of cormon stock for the treasury at $5 per share. 4. Declared and paid a cash dividend of $111,000. S. Sold 8,000 shares of treasury stock for cash at $5 per share. 6. Earned net income of $360,000 Prepare a stockholders equity statement for the year.(1 an amount reduces the account balance then enter with negative sign preceding the number e.g. 45S or parentheses e.q. (45) Stockholders" Equity Statement Paid-in Capital in Excess of Stock Dividends Conmo Treasury Retained

Explanation / Answer

Common stock Common stock Paid in capital Dividend distributable Treasury stock Retained earnings Total Balance Jan 1 800000 500000 120000 600000 2020000 issued 60,000 shares for stock dividend 120000 -120000 0 Issued 30,000 shares for cash 60000 60000 120000 Purchased 25000 shares for treasury stock 125000 125000 Declared cash dividend -111000 -111000 Sold 8000 shares of treasury stock -40000 -40000 Net income for the year 360000 360000 Balance dec 31 980000 560000 120000 85000 729000 2474000

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