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Question
y Study | Guided Mccounting Cyck:Projet ,x O ezto.mheducation.com/hm.tpx ;; Apps. E ESPN: The Worldwid Blackbuard Learn D SDSU Authenlicalic Discover Card Serv USAA/ Welcome lu Pay Ren! Fanlasyfoulball:S Office Pol Manager 3.00 points Great Adventures Problem 10-1 Part 2 2. Great Adventures has net income of $145,000 in 2020. Retained eamings at the beginning of 2020 was $135,000. Prepare the stockholders' equity section of the balance sheet for Great Adventures as of December 31, 2020. (Amounts to be deducted should be indicated with a minus sign.) GREAT ADVENTURES, INC Balance Sheet (Stockholders' Equity Section) December 31, 2020 Stockholders' equity Total paid-in capital Total stockholders' equity 1:17 AM lype here to search 12/11/20174Explanation / Answer
The stockholders equity section is as below:
Notes:
1. Paid in capital from treasury stock = $6000 * ($17 - $16) = $6000
2. Paid in capital in excess of par - common stock = $12 * 120000 = $144000
3. Retained earnings = $145000 + $135000 - $134000 = $146000
Stockholders' equity 140000 common shares at $1 par value 140000 Paid in capital in excess of par-common stock 1440000 Paid in capital from treasury stock 6000 Total paid in capital 1586000 Retained Earnings 146000 Less: Treasury stock 96000 Total stockholders equity 1636000Related Questions
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