On January 1, 2021, Fascom had the following account balances in its shareholders' equity accounts.Common stock, $1 par, 254,000 shares issuedPaid-in capital-excess of par, commonPaid-in capital-excess of par, preferredPreferred stock, $100 par, 12,000 shares outstandingRetained earningsTreasury stock, at cost, 5,400 sharesDuring 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 pershare, fair value $9.20 per share).February 17: Distributed the property dividend.April10:A 2-for-1 stock split was declared and distributed on outstanding common stock and effectedin the form of a stock dividend. (Fascom chose to reduce Paid-in capital-excess par. )The fair value of the stock was $4 on this date.18: Declared and distributed a 4% stock dividend on outstanding common stock. The fair value is$5 per share.JulyDecember 1: Declared a 50 cents per share cash dividend on the outstanding common shares.December 20: Paid the cash dividend.FASCOMBalance Sheet (Partial)December 31, 2021Required:Without preparing journal entries, prepare the shareholders' equity section of Fascom's balance sheet as of December31, 2021. Assume net income is $540,000 for 2021. (Negative amounts should be entered with a minus sign.)Shareholders' equityPreferred stockCommon stockPaid-in capital - excess of par, preferredPaid-in capital - excess of par, commonRetained earningsTreasury stockTotal shareholders' equity$ 1,200,000$ 254,000508,000120,000120,0001,200,0002,400,00027,000(27,000)$ 1,293,000

Name: On January 1, 2021, Fascom had the following account balances in its
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Description: On January 1, 2021, Fascom had the following account balances in its shareholders' equity accounts.Common stock, $1 par, 254,000 shares issuedPaid-in capital-excess of par, commonPaid-in capital-excess of par, preferredPreferred stock, $100 par, 12,

Working Notes: (254,000 - 5,400) x 2 = 497,200 x 1.04 x $1 = $517,088 + (5,400 treasury shares at…

Business

Accounting

Required: Without preparing journal entries, prepare the shareholders' equity section of Fascom's balance sheet as of December 31, 2021. Assume net income is $540,000 for 2021. (Negative amounts should be entered with a minus sign.)

Required: Without preparing journal entries, prepare the shareholders' equity section of Fascom's balance sheet as of December 31, 2021. Assume net income is $540,000 for 2021. (Negative amounts should be entered with a minus sign.)

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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