On December 31, 2022, the Stockholders' Equity Section of Duncan Corp. was as follows: Common Stock, par value $1 (authorized 100,000 shares issued $20,000 and outstanding 20,000 shares) Additional paid - in Capital 280,000 Retained Earnings 800,000 Total Stockholders Equity S 1,100,000 On January 1, 2022 Duncan issued 20,000 shares for $15/share. During 2023, Duncan has the following transactions: On January 15, 2023 Duncan reacquires 2,000 shares at a cost of $ 22/share and holds these shares in treasury On April 30, 2023 Duncan reissues 500 shares of treasury stock for $25/share On September 30, 2023 Duncan reissues 600 shares of treasury stock for $19/share On December 31, 2023 Duncan declares a 30% stock dividend and accordingly issues 5,580 shares. The stock's fair value at that time is $23/share. For the year ended 2023, Duncan reports earnings of $7,500. What amount should the company report as retained earnings on its December 31, 2023 balance sheet?

On December 31, 2022, the Stockholders' Equity Section of Duncan Corp. was as follows: Common Stock, par value $1 (authorized 100,000 shares issued $20,000 and outstanding 20,000 shares) Additional paid - in Capital 280,000 Retained Earnings 800,000 Total Stockholders Equity S 1,100,000 On January 1, 2022 Duncan issued 20,000 shares for $15/share. During 2023, Duncan has the following transactions: On January 15, 2023 Duncan reacquires 2,000 shares at a cost of $ 22/share and holds these shares in treasury On April 30, 2023 Duncan reissues 500 shares of treasury stock for $25/share On September 30, 2023 Duncan reissues 600 shares of treasury stock for $19/share On December 31, 2023 Duncan declares a 30% stock dividend and accordingly issues 5,580 shares. The stock's fair value at that time is $23/share. For the year ended 2023, Duncan reports earnings of $7,500. What amount should the company report as retained earnings on its December 31, 2023 balance sheet?

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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