Statement of stockholders' equityNoric Cruises Inc. began the month of October with the following balances: Common Stock, $120,000; Additional Paid-In Capital, $3,500,000; and Retained Earnings,$12,000,000. During October, Noric issued for cash 40,000 shares of common stock (with a stated value of $1) at $18 per share. Noric reported the following results forthe month ended October 31:Net incomeCash dividends declaredLine Item DescriptionPrepare a statement of stockholders' equity for the month ended October 31. If there is a net loss or there has been a decrease in stockholders' equity, enter that amountas a negative number using a minus sign. If an amount box does not require an entry, leave it blank.Balances, October 1Issued Common StockNet IncomeDividends$2,300,000Noric Cruises Inc.Statement of Stockholders' EquityFor the Month Ended October 31490,000Balances, October 31CommonStocktuntAdditionalPaid-InCapitalShow Me How$RetainedEarnings$TotalPrevious:>Next9:46 PM11/14/2022

In this question, we need to prepare statement of stockholders equity for the month of October.…

Answered: Statement of stockholders' equity Noric…

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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Prepare stock holders equity section of the balance sheet

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