Ming Corp. completed the following transactions during Year 2: 1. Issued 2,100 shares of $9 par common stock for $14 per share. 2. Repurchased 1,900 shares of its own common stock for $17 per share. 3. Resold 1,140 shares of treasury stock for $19 per share. 4. Earned $60,000 of cash revenue. 5. Paid $34,450 of cash operating expenses. Required Prepare the stockholders' equity section of the year-end balance sheet. MING CORPORATION Balance Sheet (Partial) As of December 31, Year 2

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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The following information pertains to Ming Corp. at January 1, Year 2:
Common stock, $9 par, 38,000 shares authorized,
2,700 shares issued and outstanding
Paid-in capital in excess of par, common stock
Retained earnings
Ming Corp. completed the following transactions during Year 2:
1. Issued 2,100 shares of $9 par common stock for $14 per share.
2. Repurchased 1,900 shares of its own common stock for $17 per share.
3. Resold 1,140 shares of treasury stock for $19 per share.
4. Earned $60,000 of cash revenue.
5. Paid $34,450 of cash operating expenses.
$ 24,300
142,100
142,100
Required
Prepare the stockholders' equity section of the year-end balance sheet.
Stockholders' Equity
MING CORPORATION
Balance Sheet (Partial)
As of December 31, Year 2
Transcribed Image Text:The following information pertains to Ming Corp. at January 1, Year 2: Common stock, $9 par, 38,000 shares authorized, 2,700 shares issued and outstanding Paid-in capital in excess of par, common stock Retained earnings Ming Corp. completed the following transactions during Year 2: 1. Issued 2,100 shares of $9 par common stock for $14 per share. 2. Repurchased 1,900 shares of its own common stock for $17 per share. 3. Resold 1,140 shares of treasury stock for $19 per share. 4. Earned $60,000 of cash revenue. 5. Paid $34,450 of cash operating expenses. $ 24,300 142,100 142,100 Required Prepare the stockholders' equity section of the year-end balance sheet. Stockholders' Equity MING CORPORATION Balance Sheet (Partial) As of December 31, Year 2
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