Presented below was the stockholders' equity section of Wiley Corporation's balance sheet at December 31, 2020. Wiley Corporation Balance Sheet (partial) At December 31, 2020 Stockholders' Equity Paid-in Capital Common Stock, $8 par value, 3,000,000 shares authorized, $10,160,000 1,270,000 issued and outstanding Paid-in Capital in Excess of Par- Common Stock $3.810.000 Total Paid-in Capital $13,970,000 Retained Earnings $8,200,000 Total Stockholders' Equity $22,170,000 The following transactions occurred throughout 2021: Jan 4 Issued 170,000 shares of common stock at $17 per share Feb 23 Issued 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 stoc exchange May 16 Issued 320,000 shares of common stock at $15 per share Aug 22 Issued 250,000 shares of common stock for office building. The fair valu of office building was $4,750,000 Sept 22 Issued 75,000 shares of common stock at $22 per share Dec 12 Attorneys for the company accepted 8,500 shares of common stock as payment for legal expense. The legal expense had a value of $87,000 Instructions: b) 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.

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Chapter1: Financial Statements And Business Decisions
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Instructions: b)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.
Presented below was the stockholders' equity section of Wiley Corporation's balance
sheet at December 31, 2020.
Wiley Corporation
Balance Sheet (partial)
At December 31, 2020
Stockholders' Equity
Paid-in Capital
Common Stock, $8 par value, 3,000,000 shares authorized,
$10,160,000
1,270,000 issued and outstanding
Paid-in Capital in Excess of Par– Common Stock
$3.810.000
Total Paid-in Capital
$13,970,000
Retained Earnings
$8,200,000
Total Stockholders' Equity
$22,170,000
The following transactions occurred throughout 2021:
Jan 4
Issued 170,000 shares of common stock at $17 per share
Feb 23
Issued 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 stock
exchange
May 16
Issued 320,000 shares of common stock at $15 per share
Aug 22
Issued 250,000 shares of common stock for office building. The fair value
of office building was $4,750,000
Sept 22
Issued 75,000 shares of common stock at $22 per share
Dec 12
Attorneys for the company accepted 8,500 shares of common stock as
payment for legal expense. The legal expense had a value of $87,000
Instructions:
b)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.
Transcribed Image Text:Presented below was the stockholders' equity section of Wiley Corporation's balance sheet at December 31, 2020. Wiley Corporation Balance Sheet (partial) At December 31, 2020 Stockholders' Equity Paid-in Capital Common Stock, $8 par value, 3,000,000 shares authorized, $10,160,000 1,270,000 issued and outstanding Paid-in Capital in Excess of Par– Common Stock $3.810.000 Total Paid-in Capital $13,970,000 Retained Earnings $8,200,000 Total Stockholders' Equity $22,170,000 The following transactions occurred throughout 2021: Jan 4 Issued 170,000 shares of common stock at $17 per share Feb 23 Issued 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 stock exchange May 16 Issued 320,000 shares of common stock at $15 per share Aug 22 Issued 250,000 shares of common stock for office building. The fair value of office building was $4,750,000 Sept 22 Issued 75,000 shares of common stock at $22 per share Dec 12 Attorneys for the company accepted 8,500 shares of common stock as payment for legal expense. The legal expense had a value of $87,000 Instructions: b)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.
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