Common stock, $1 par, 244,000 shares issued Paid-in capital-excess of par, common Paid-in capital-excess of par, preferred Preferred stock, $100 par, 18,000 shares outstanding Retained earnings Treasury stock, at cost, 4,400 shares 244, 000 488,000 180,000 1,800,000 3,600, 000 22,000 During 2021, Fascom Inc. had several transactions relating to common stock. January 15: Declared a property dividend of 100,000 shares of Slowdown Company (book value $11.6 per share, fair value $9.80 per share). February 17: Distributed the property dividend. April 10: A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. (Fascom chose to reduce Paid-in capital-excess of par.) The fair value of the stock was $4 on this date. 18: Declared and distributed a 4% stock dividend on outstanding common stock. The fair value is $5 per share. July December 1: Declared a 50 cents per share cash dividend on the outstanding common shares. December 20: Paid the cash dividend. Required: Without preparing journal entries, prepare the shareholders' equity section of Fascom's balance sheet as of December 31, 2021. Assume net income is $440,000 for 2021. (Negative amounts should be entered with a minus sign.)
Common stock, $1 par, 244,000 shares issued Paid-in capital-excess of par, common Paid-in capital-excess of par, preferred Preferred stock, $100 par, 18,000 shares outstanding Retained earnings Treasury stock, at cost, 4,400 shares 244, 000 488,000 180,000 1,800,000 3,600, 000 22,000 During 2021, Fascom Inc. had several transactions relating to common stock. January 15: Declared a property dividend of 100,000 shares of Slowdown Company (book value $11.6 per share, fair value $9.80 per share). February 17: Distributed the property dividend. April 10: A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. (Fascom chose to reduce Paid-in capital-excess of par.) The fair value of the stock was $4 on this date. 18: Declared and distributed a 4% stock dividend on outstanding common stock. The fair value is $5 per share. July December 1: Declared a 50 cents per share cash dividend on the outstanding common shares. December 20: Paid the cash dividend. Required: Without preparing journal entries, prepare the shareholders' equity section of Fascom's balance sheet as of December 31, 2021. Assume net income is $440,000 for 2021. (Negative amounts should be entered with a minus sign.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:On January 1, 2021, Fascom had the following account balances in its shareholders' equity accounts.
Common stock, $1 par, 244,000 shares issued
Paid-in capital-excess of par, common
Paid-in capital-excess of par, preferred
Preferred stock, $100 par, 18,000 shares outstanding
Retained earnings
Treasury stock, at cost, 4,400 shares
$ 244, 000
488,000
180,000
1,800,000
3,600, 000
22,000
During 2021, Fascom Inc. had several transactions relating to common stock.
January 15: Declared a property dividend of 100,000 shares of Slowdown Company (book value $11.6 per share, fair value $9.80 per
share).
February 17: Distributed the property dividend.
April
10: A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock
dividend. (Fascom chose to reduce Paid-in capital-excess of par.) The fair value of the stock was $4 on this date.
18: Declared and distributed a 4% stock dividend on outstanding common stock. The fair value is $5 per share.
July
December 1: Declared a 50 cents per share cash dividend on the outstanding common shares.
December 20: Paid the cash dividend.
Required:
Without preparing journal entries, prepare the shareholders' equity section of Fascom's balance sheet as of December 31, 2021.
Assume net income is $440,000 for 2021. (Negative amounts should be entered with a minus sign.)
Transcribed Image Text:FASCOM
Balance Sheet (Partial)
December 31, 2021
Shareholders' equity
Preferred stock
Common stock
Paid-in capital - excess of par, preferred
Paid-in capital - excess of par, common
Retained earnings
Treasury stock
Total shareholders' equity
$
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