At the end of the prior annual reporting period, Barnard Corporation's balance sheet showed the following:BARNARD CORPORATIONBalance SheetAt December 31, Prior YearStockholders’ equity Contributed capital Common stock (par $10; 5,100 shares)$ 51,000Paid-in capital18,000Total contributed capital69,000Retained earnings42,000Total stockholders’ equity$ 111,000During the current year, the following selected transactions (summarized) were completed:Sold and issued 1,800 shares of common stock at $24 cash per share (at year-end).Determined net income, $48,000.Declared and paid a cash dividend of $3 per share on the beginning shares outstanding.Required:Prepare a statement of stockholders’ equity for the year ended December 31, current year. Balances as of December 31, prior yearAdd: Net incomeLess: Dividends declaredStock issuedBalances as of December 31, current yearBARNARD CORPORATIONStatement of Stockholders' EquityCommon StockShares5,1001,800$Amount51,000 $20,70043,200Paid-inCapital18,000 $RetainedEarnings42,000TotalStockholders'Equity$$111,00048,00075,900

Stockholders Equity consist of the share which the shareholders has subscribed and the net income…

Answered: Prepare a statement of stockholders’…

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

BARNARD CORPORATION Balance Sheet At December 31, Prior Year
Stockholders’ equity
Contributed capital
Common stock (par $10; 5,100 shares)	$ 51,000
Paid-in capital	18,000
Total contributed capital	69,000
Retained earnings	42,000
Total stockholders’ equity	$ 111,000