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Using the following accounts and balances, prepare the "Stockholders' Equity" section of the balance sheet. Regarding t common stock, 70,000 shares are authorized, and 1,000 shares have been reacquired. $3,920,000 Common Stock, $80 par Paid-In Capital from Sale of Treasury Stock (1,000 shares at cost) Paid-In Capital in Excess of Par-Common Stock Retained Earnings Treasury Stock Stockholders' Equity Paid-in capital: Total paid-in capital Paid-in capital, common stock From Sale of Treasury Stock (1,000 shares at cost) Retained Earnings Balance Sheet Line Item Description Common Stock, $80 Par (70,000 Shares Authorized, 49,000 Shares Issued) Excess of Issue Price Over Par Total Treasury Stock (1,000 shares at cost) Total stockholders' equity 118,000 784,000 1,842,000 60,000 Amount 3,920,000 Amount

Using the following accounts and balances, prepare the "Stockholders' Equity" section of the balance sheet. Regarding t common stock, 70,000 shares are authorized, and 1,000 shares have been reacquired. $3,920,000 Common Stock, $80 par Paid-In Capital from Sale of Treasury Stock (1,000 shares at cost) Paid-In Capital in Excess of Par-Common Stock Retained Earnings Treasury Stock Stockholders' Equity Paid-in capital: Total paid-in capital Paid-in capital, common stock From Sale of Treasury Stock (1,000 shares at cost) Retained Earnings Balance Sheet Line Item Description Common Stock, $80 Par (70,000 Shares Authorized, 49,000 Shares Issued) Excess of Issue Price Over Par Total Treasury Stock (1,000 shares at cost) Total stockholders' equity 118,000 784,000 1,842,000 60,000 Amount 3,920,000 Amount

FINANCIAL ACCOUNTING
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. Regarding th common stock, 70,000 shares are authorized, and 1,000 shares have been reacquired. $3,920,000 Common Stock, $80 par Paid-In Capital from Sale of Treasury Stock (1,000 shares at cost) Paid-In Capital in Excess of Par-Common Stock Retained Earnings Treasury Stock Stockholders' Equity Excess of Issue Price Over Par Total paid-in capital Line Item Description Paid-in capital: Common Stock, $80 Par (70,000 Shares Authorized, 49,000 Shares Issued) Paid-in capital, common stock From Sale of Treasury Stock (1,000 shares at cost) Retained Earnings Balance Sheet Total Treasury Stock (1,000 shares at cost) Total stockholders' equity 118,000 784,000 1,842,000 60,000 Amount 3,920,000 $ $ Amount
Transcribed Image Text:Reporting stockholders' equity Using the following accounts and balances, prepare the "Stockholders' Equity" section of the balance sheet. Regarding th common stock, 70,000 shares are authorized, and 1,000 shares have been reacquired. $3,920,000 Common Stock, $80 par Paid-In Capital from Sale of Treasury Stock (1,000 shares at cost) Paid-In Capital in Excess of Par-Common Stock Retained Earnings Treasury Stock Stockholders' Equity Excess of Issue Price Over Par Total paid-in capital Line Item Description Paid-in capital: Common Stock, $80 Par (70,000 Shares Authorized, 49,000 Shares Issued) Paid-in capital, common stock From Sale of Treasury Stock (1,000 shares at cost) Retained Earnings Balance Sheet Total Treasury Stock (1,000 shares at cost) Total stockholders' equity 118,000 784,000 1,842,000 60,000 Amount 3,920,000 $ $ Amount
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