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At the end of the prior year annual reporting period, Barnard Corporation's b BARNARD CORPORATION Balance Sheet At December 31, Prior Year Stockholders' equity Contributed capital Common stock (par $15; 6,900 shares) Paid-in capital Total contributed capital $103,500 16,000 119,500

At the end of the prior year annual reporting period, Barnard Corporation's b BARNARD CORPORATION Balance Sheet At December 31, Prior Year Stockholders' equity Contributed capital Common stock (par $15; 6,900 shares) Paid-in capital Total contributed capital $103,500 16,000 119,500

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 the end of the prior year annual reporting period, Barnard Corporation's balance sheet showed the following: BARNARD CORPORATION Balance Sheet At December 31, Prior Year Stockholders' equity Contributed capital Common stock (par $15; 6,900 shares) Paid-in capital Total contributed capital Retained earnings Total stockholders' equity $103,500 16,000 119,500 46,000 $165,500 During the current year, the following selected transactions (summarized) were completed: a. Sold and issued 1,300 shares of common stock at $20 cash per share (at year-end). b. Determined net income, $47,000. c. Declared and paid a cash dividend of $3 per share on the beginning shares outstanding. Required: Prepare a statement of stockholders' equity for the year ended December 31, current year.
Transcribed Image Text:At the end of the prior year annual reporting period, Barnard Corporation's balance sheet showed the following: BARNARD CORPORATION Balance Sheet At December 31, Prior Year Stockholders' equity Contributed capital Common stock (par $15; 6,900 shares) Paid-in capital Total contributed capital Retained earnings Total stockholders' equity $103,500 16,000 119,500 46,000 $165,500 During the current year, the following selected transactions (summarized) were completed: a. Sold and issued 1,300 shares of common stock at $20 cash per share (at year-end). b. Determined net income, $47,000. c. Declared and paid a cash dividend of $3 per share on the beginning shares outstanding. Required: Prepare a statement of stockholders' equity for the year ended December 31, current year.
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