Prepare the stockholders’ equity section of the balance sheet for Wiley Corporation on December 31, 2021. Assume that net income for the year was $1,100,000. Wiley CorporationBalance Sheet (partial)At December 31, 2020Stockholders' EquityPaid-in CapitalCommon Stock, $8 par value, 3,000,000 shares authorized,$10,160,0001,270,000 issued and outstandingPaid-in Capital in Excess of Par- Common Stock$3,810,000Total Paid-in Capital$13,970,000Retained Earnings$8,200,000Total Stockholders’ Equity$22,170,000The following transactions occurred throughout 2021:Jan 4Issued 170,000 shares of common stock at $17 per shareFeb 23Issued 190,000 shares of stock for land. The land had an asking price of$1,700,000. The stocks were being traded at $20 per share at the stockexchangeMay 16 Issued 320,000 shares of common stock at $15 per shareAug 22Issued 250,000 shares of common stock for office building. The fair valueof office building was $4,750,000Sept 22Issued 75,000 shares of common stock at $22 per shareDec 12Attorneys for the company accepted 8,500 shares of common stock aspayment for legal expense. The legal expense had a value of $87,000Instructions:b) Prepare the stockholders' equity section of the balance sheet for WileyCorporation on December 31, 2021. Assume that net income for the year was$1,100,000.

Shareholders’ Equity is a part of Balance sheet that is shown under Equity & Liabilities side.…

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Prepare the stockholders’ equity section of the balance sheet for Wiley Corporation on December 31, 2021. Assume that net income for the year was $1,100,000.

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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