Starling Corporation started the year on January 1 with the following balances in stockholders' equity on its balance sheet. Retained earnings $876,000 Common stock, $1.00 par (100,000 shares) $100,000 Additional paid-in-capital $342,000 Accumulated other comprehensive income $17,000 It reported the following income items and transactions with owners during the current year: Net loss $(29,000) Dividends declared $5,000 Issued 20,000 shares of common stock for $400,000 $400,000 Unrecognized pension costs, net of taxes $(12,000) Unrealized gains on available-for-sale investments, net of taxes $68,000 Foreign currency translation adjustments-loss, net of taxes $(34,000) Prepare a Statement of Stockholders' Equity to answer the questions: What is the amount of 's retained earnings, contributed capital, and accumulated other comprehensive income at the end of the year? (If an input field is not used in the statement, leave the input field empty; do not enter a zero. Use a minus sign or parentheses to show a decrease to stockholders' equity.) Answer format: Common Stock Additional Paid-in-Capital Retained Earnings Accumulated Other Comprehensive Income Total Balance, January 1 Net Loss Dividends Declared Issuance of Common Stock Other Comprehensive Income, net of taxes Balance, December 31 Part 2 What is the amount of Starling's retained earnings, contributed capital, and accumulated other comprehensive income at the end of the year? Retained earnings Contributed capital Accumulated other comprehensive income

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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Question

Starling Corporation started the year on January 1 with the following balances in stockholders' equity on its balance sheet.

Retained earnings	$876,000
Common stock, $1.00 par (100,000 shares)	$100,000
Additional paid-in-capital	$342,000
Accumulated other comprehensive income	$17,000

It reported the following income items and transactions with owners during the current year:

Net loss	$(29,000)
Dividends declared	$5,000
Issued 20,000 shares of common stock for $400,000	$400,000
Unrecognized pension costs, net of taxes	$(12,000)
Unrealized gains on available-for-sale investments, net of taxes	$68,000
Foreign currency translation adjustments-loss, net of taxes	$(34,000)

Prepare a Statement of Stockholders' Equity to answer the questions: What is the amount of 's retained earnings, contributed capital, and accumulated other comprehensive income at the end of the year? (If an input field is not used in the statement, leave the input field empty; do not enter a zero. Use a minus sign or parentheses to show a decrease to stockholders' equity.)

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