Required: Without preparing journal entries, prepare the shareholders' equity section of Fascom's balance sheet as of December 31, 2021.
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On January 1, 2021, Fascom had the following account balances in its shareholders' equity accounts.
|
|
|
Common stock, $1 par, 254,000 shares issued |
$ |
254,000 |
Paid-in capital–excess of par, common |
|
508,000 |
Paid-in capital–excess of par, preferred |
|
120,000 |
|
|
1,200,000 |
|
|
2,400,000 |
|
|
27,000 |
|
During 2021, Fascom Inc. had several transactions relating to common stock:
January 15: |
Declared a property dividend of 100,000 shares of Slowdown Company (book value $10.4 per share, fair value $9.20 per share). |
February 17: |
Distributed the property dividend. |
April 10: |
A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. (Fascom chose to reduce Paid-in capital—excess of par.) The fair value of the stock was $4 on this date. |
July 18: |
Declared and distributed a 4% stock dividend on outstanding common stock. The fair value is $5 per share. |
December 1: |
Declared a 50 cents per share cash dividend on the outstanding common shares. |
December 20: |
Paid the cash dividend. |
Required:
Without preparing
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