Reporting Stockholders' EquityUsing the following accounts and balances, prepare the “Stockholders’ Equity” section of the balance sheet. 90,000 shares of common stock authorized, and 10,000 shares have been reacquired.Common Stock, $30 par$1,890,000Paid-In Capital from Sale of Treasury Stock76,000Paid-In Capital in Excess of Par—Common Stock252,000Retained Earnings850,000Treasury Stock38,000 Balance SheetStockholders' Equity Paid-in capital: Common Stock, $30 Par (90,000 Shares Authorized, 63,000 Shares Issued) $fill in the blank 2 Excess of Issue Price Over Par fill in the blank 4 Paid-in capital, common stock $fill in the blank 5From Sale of Treasury Stock fill in the blank 7Total paid-in capital $fill in the blank 8Retained Earnings fill in the blank 10Total $fill in the blank 11Treasury Stock fill in the blank 13Total stockholders' equity

Reacquired treasury shares must be measured at cost only

Answered: Reporting Stockholders' Equity Using…

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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Reporting Stockholders' Equity

Using the following accounts and balances, prepare the “Stockholders’ Equity” section of the balance sheet. 90,000 shares of common stock authorized, and 10,000 shares have been reacquired.

Common Stock, $30 par	$1,890,000
Paid-In Capital from Sale of Treasury Stock	76,000
Paid-In Capital in Excess of Par—Common Stock	252,000
Retained Earnings	850,000
Treasury Stock	38,000



Balance Sheet
Stockholders' Equity
Paid-in capital:
Common Stock, $30 Par (90,000 Shares Authorized, 63,000 Shares Issued)	$fill in the blank 2
Excess of Issue Price Over Par	fill in the blank 4
Paid-in capital, common stock		$fill in the blank 5
From Sale of Treasury Stock		fill in the blank 7
Total paid-in capital		$fill in the blank 8
Retained Earnings		fill in the blank 10
Total		$fill in the blank 11
Treasury Stock		fill in the blank 13
Total stockholders' equity

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