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At December 31, 2021, Atlantic Corporation reported the stockholders' equity accounts shown here (with dollar amounts in millions, except per-share amounts). (Click the icon to view the data) Atlantic's 2022 transactions and equity related journal entries were recorded as follows: (Click the icon to view the transactions.) Read the requirement Stockholders' Equity Common stock, Paid-in capital in excess of par-common (Click the icon to view the equity related journal entries.) Requirement 1. Prepare the stockholders' equity section of the company's balance sheet at December 31, 2022. (Enter the accounts in the proper order for the stockholders' equity sect balance sheet. Use parentheses or a minus sign for numbers to be subtracted. For purposes of this exercise, ignore the outstanding shares in the statement of stockholders' equity Enter in millions, except for par value, as provided to you in the problem statement) Balance Sheet (Partial) (Millions) Paid-in capital from treasury stock transactions Total paid in capital Retained earings Treasury stock ( par, million shares

At December 31, 2021, Atlantic Corporation reported the stockholders' equity accounts shown here (with dollar amounts in millions, except per-share amounts). (Click the icon to view the data) Atlantic's 2022 transactions and equity related journal entries were recorded as follows: (Click the icon to view the transactions.) Read the requirement Stockholders' Equity Common stock, Paid-in capital in excess of par-common (Click the icon to view the equity related journal entries.) Requirement 1. Prepare the stockholders' equity section of the company's balance sheet at December 31, 2022. (Enter the accounts in the proper order for the stockholders' equity sect balance sheet. Use parentheses or a minus sign for numbers to be subtracted. For purposes of this exercise, ignore the outstanding shares in the statement of stockholders' equity Enter in millions, except for par value, as provided to you in the problem statement) Balance Sheet (Partial) (Millions) Paid-in capital from treasury stock transactions Total paid in capital Retained earings Treasury stock ( par, million shares

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At December 31, 2021, Atlantic Corporation reported the stockholders' equity accounts shown here (with dollar amounts in millions, except per-share amounts). (Click the icon to view the data) Atlantic's 2022 transactions and equity related journal entries were recorded as follows: (Click the icon to view the transactions.) Read the requirement Requirement 1. Prepare the stockholders' equity section of the company's balance sheet at December 31, 2022. (Enter the accounts in the proper order for the stockholders' equity section balance sheet. Use parentheses or a minus sign for numbers to be subtracted. For purposes of this exercise, ignore the outstanding shares in the statement of stockholders' equity Enter an in millions, except for par value, as provided to you in the problem statement) Balance Sheet (Partial) (Millions) Stockholders' Equity Common stock, Paid-in capital in excess of par-common Paid-in capital from treasury stock transactions Total paid in capital Retained earings Treasury stock (Click the icon to view the equity related journal entries.) Total stockholders' equity par million shares:
Transcribed Image Text:At December 31, 2021, Atlantic Corporation reported the stockholders' equity accounts shown here (with dollar amounts in millions, except per-share amounts). (Click the icon to view the data) Atlantic's 2022 transactions and equity related journal entries were recorded as follows: (Click the icon to view the transactions.) Read the requirement Requirement 1. Prepare the stockholders' equity section of the company's balance sheet at December 31, 2022. (Enter the accounts in the proper order for the stockholders' equity section balance sheet. Use parentheses or a minus sign for numbers to be subtracted. For purposes of this exercise, ignore the outstanding shares in the statement of stockholders' equity Enter an in millions, except for par value, as provided to you in the problem statement) Balance Sheet (Partial) (Millions) Stockholders' Equity Common stock, Paid-in capital in excess of par-common Paid-in capital from treasury stock transactions Total paid in capital Retained earings Treasury stock (Click the icon to view the equity related journal entries.) Total stockholders' equity par million shares:
Data table Common stock, 3.00 par value per share, 21 million shares issued Paid-in capital in excess of par value Retained earnings Treasury stock, at cost Total stockholders' equity Reference Date 2022 (in millions) Cash Treasury Stock Cash Common Stock Paid-in Capital in Excess of Par Cash Retained Earnings Accounts Treasury Stock Paid-in Capital from Treasury Stock Dividends Payable $ Journal Entry $ 32 245 (20) 320 More info a. Net income, $440 million b. Issuance of 4 million shares of common stock for $14.00 per share c. Purchase of 5 million shares of treasury stock for $60 million d. Sold 2 million of the treasury shares purchased in part c for $28 million e. Declaration and payment of cash dividends of $32 million Debit 56 60 28 32 Credit 12 44 60 24 32
Transcribed Image Text:Data table Common stock, 3.00 par value per share, 21 million shares issued Paid-in capital in excess of par value Retained earnings Treasury stock, at cost Total stockholders' equity Reference Date 2022 (in millions) Cash Treasury Stock Cash Common Stock Paid-in Capital in Excess of Par Cash Retained Earnings Accounts Treasury Stock Paid-in Capital from Treasury Stock Dividends Payable $ Journal Entry $ 32 245 (20) 320 More info a. Net income, $440 million b. Issuance of 4 million shares of common stock for $14.00 per share c. Purchase of 5 million shares of treasury stock for $60 million d. Sold 2 million of the treasury shares purchased in part c for $28 million e. Declaration and payment of cash dividends of $32 million Debit 56 60 28 32 Credit 12 44 60 24 32
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