Wendell Company provided the following pertaining to its accounting year that ended December 31, 2019: Common stock with a $10,000 par value was sold for $50,000 cash Cash dividends totaling $20,000 were declared, of which $15,000 were paid Net income was $70,000 A 5% stock dividend resulted in a common stock distribution, which had a $5,000 par value and a $23,000 market value Treasury stock repurchased in a prior year for $9,000 was resold for $7,000 and in the journal entry to record the sale, Additional paid-in capital was debited for the amount of the difference between the repurchase price and the resale price What is the amount of net increase in Wendell's additional paid-in capital account during the year 2019?
Wendell Company provided the following pertaining to its accounting year that ended December 31, 2019: Common stock with a $10,000 par value was sold for $50,000 cash Cash dividends totaling $20,000 were declared, of which $15,000 were paid Net income was $70,000 A 5% stock dividend resulted in a common stock distribution, which had a $5,000 par value and a $23,000 market value Treasury stock repurchased in a prior year for $9,000 was resold for $7,000 and in the journal entry to record the sale, Additional paid-in capital was debited for the amount of the difference between the repurchase price and the resale price What is the amount of net increase in Wendell's additional paid-in capital account during the year 2019?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Wendell Company provided the following pertaining to its accounting year that ended December 31, 2019:
- Common stock with a $10,000 par value was sold for $50,000 cash
- Cash dividends totaling $20,000 were declared, of which $15,000 were paid
- Net income was $70,000
- A 5% stock dividend resulted in a common stock distribution, which had a $5,000 par value and a $23,000 market value
Treasury stock repurchased in a prior year for $9,000 was resold for $7,000 and in thejournal entry to record the sale, Additional paid-in capital was debited for the amount of the difference between the repurchase price and the resale price
What is the amount of net increase in Wendell's additional paid-in capital account during the year 2019?
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