On January 1, 2022, Larkspur, Inc. had these stockholders' equity balances. Common Stock, $1 par (2,000,000 shares authorized, 590,000 shares issued and outstanding) Paid-in Capital in Excess of Par Value Retained Earnings Accumulated Other Comprehensive Income During 2022, the following transactions and events occurred. 1. 2. 3. 4. 5. 6. Issued 55,000 shares of $1 par value common stock for $3 per share. Issued 63,500 shares of common stock for cash at $6 per share. Purchased 17,500 shares of common stock for the treasury at $3.00 per share. Declared and paid a cash dividend of $217,000. Earned net income of $430,000. Had other comprehensive income of $19.000. Prepare the stockholders' equity section of the balance sheet at December 31, 2022. $590,000 1,450,000 688,000 57,000
On January 1, 2022, Larkspur, Inc. had these stockholders' equity balances. Common Stock, $1 par (2,000,000 shares authorized, 590,000 shares issued and outstanding) Paid-in Capital in Excess of Par Value Retained Earnings Accumulated Other Comprehensive Income During 2022, the following transactions and events occurred. 1. 2. 3. 4. 5. 6. Issued 55,000 shares of $1 par value common stock for $3 per share. Issued 63,500 shares of common stock for cash at $6 per share. Purchased 17,500 shares of common stock for the treasury at $3.00 per share. Declared and paid a cash dividend of $217,000. Earned net income of $430,000. Had other comprehensive income of $19.000. Prepare the stockholders' equity section of the balance sheet at December 31, 2022. $590,000 1,450,000 688,000 57,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:On January 1, 2022, Larkspur, Inc. had these stockholders' equity balances.
Common Stock, $1 par (2,000,000 shares authorized, 590,000 shares issued and outstanding)
Paid-in Capital in Excess of Par Value.
Retained Earnings
Accumulated Other Comprehensive Income
During 2022, the following transactions and events occurred.
1.
2.
3.
4.
5.
6.
Issued 55,000 shares of $1 par value common stock for $3 per share.
Issued 63,500 shares of common stock for cash at $6 per share.
Purchased 17,500 shares of common stock for the treasury at $3.00 per share.
Declared and paid a cash dividend of $217,000.
Earned net income of $430,000.
Had other comprehensive income of $19,000.
Prepare the stockholders' equity section of the balance sheet at December 31, 2022.
Stockholders' Equity
LARKSPUR, INC.
Partial Balance Sheet
December 31, 2022
$590,000
1,450,000
688,000
57,000
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