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On January 1, 2020, Blossom Inc. had the following stockholders' equity balances. Common Stock (535,000 shares issued) Paid-in Capital in Excess of Par-Common Stock Common Stock Dividends Distributable Retained Earnings 2 During 2020, the following transactions and events occurred. 3. 1. Issued 55,000 shares of $2 par value common stock as a result of 15% stock dividend declared on December 15, 2021. Issued 27,500 shares of common stock for cash at $4 per share. Purchased 32.000 shares of common stock for the treasury at $5 per share. Declared and paid a cash dividend of $112.000. Sold 6,000 shares of treasury stock for cash at $5 per share. Earned net income of $400,000. 4. $1,070,000 600,000 5. 110,000 6. 640,000 Prepare a stockholders' equity statement for the year. (If an amount reduces the account balance then enter with negative sign preceding

On January 1, 2020, Blossom Inc. had the following stockholders' equity balances. Common Stock (535,000 shares issued) Paid-in Capital in Excess of Par-Common Stock Common Stock Dividends Distributable Retained Earnings 2 During 2020, the following transactions and events occurred. 3. 1. Issued 55,000 shares of $2 par value common stock as a result of 15% stock dividend declared on December 15, 2021. Issued 27,500 shares of common stock for cash at $4 per share. Purchased 32.000 shares of common stock for the treasury at $5 per share. Declared and paid a cash dividend of $112.000. Sold 6,000 shares of treasury stock for cash at $5 per share. Earned net income of $400,000. 4. $1,070,000 600,000 5. 110,000 6. 640,000 Prepare a stockholders' equity statement for the year. (If an amount reduces the account balance then enter with negative sign preceding

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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On January 1, 2020, Blossom Inc. had the following stockholders' equity balances. Common Stock (535,000 shares issued) Paid-in Capital in Excess of Par-Common Stock Common Stock Dividends Distributable Retained Earnings 1. 2 3. 4. 5. $1,070,000 During 2020, the following transactions and events occurred. Issued 55,000 shares of $2 par value common stock as a result of 15% stock dividend declared on December 15, 2021. Issued 27,500 shares of common stock for cash at $4 per share. Purchased 32,000 shares of common stock for the treasury at $5 per share. Declared and paid a cash dividend of $112,000. Sold 6,000 shares of treasury stock for cash at $5 per share. Earned net income of $400,000. 6 600,000 110,000 640,000 Prepare a stockholders' equity statement for the year. (If an amount reduces the account balance then enter with negative sign preceding the numbere 45.ac.parentheseseo (45))
Transcribed Image Text:On January 1, 2020, Blossom Inc. had the following stockholders' equity balances. Common Stock (535,000 shares issued) Paid-in Capital in Excess of Par-Common Stock Common Stock Dividends Distributable Retained Earnings 1. 2 3. 4. 5. $1,070,000 During 2020, the following transactions and events occurred. Issued 55,000 shares of $2 par value common stock as a result of 15% stock dividend declared on December 15, 2021. Issued 27,500 shares of common stock for cash at $4 per share. Purchased 32,000 shares of common stock for the treasury at $5 per share. Declared and paid a cash dividend of $112,000. Sold 6,000 shares of treasury stock for cash at $5 per share. Earned net income of $400,000. 6 600,000 110,000 640,000 Prepare a stockholders' equity statement for the year. (If an amount reduces the account balance then enter with negative sign preceding the numbere 45.ac.parentheseseo (45))
Prepare a stockholders' equity statement for the year. (If an amount reduces the account balance then enter with negative sign preceding the number eg.-45 or parentheses e.g. (45)) Blossom Inc. Stockholders' Equity Statement Balances. Jan 1 Issued 55,000 share for stock dividend Issued: 27,500 shares for cash Purchased Common Stock $ Paid-in Capital in Excess of Par- Common Stock || 11 Common Stock Dividends Distributable $ Treasury Stock $
Transcribed Image Text:Prepare a stockholders' equity statement for the year. (If an amount reduces the account balance then enter with negative sign preceding the number eg.-45 or parentheses e.g. (45)) Blossom Inc. Stockholders' Equity Statement Balances. Jan 1 Issued 55,000 share for stock dividend Issued: 27,500 shares for cash Purchased Common Stock $ Paid-in Capital in Excess of Par- Common Stock || 11 Common Stock Dividends Distributable $ Treasury Stock $
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