Question

Using the following accounts and balances, prepare the Stockholders’ Equity section of the balance sheet. Refer to the lists of Accounts and Amount Descriptions provided for the exact wording of the answer choices for text entries.

Two hundred fifty thousand shares of common stock are authorized, and 15,100 shares have been reacquired.

Common Stock, $50 par	$10,650,000
Paid-In Capital from Sale of Treasury Stock	320,000
Paid-In Capital in Excess of Par—Common Stock	3,190,000
Retained Earnings	19,200,000
Treasury Stock	981,500

Using the following accounts and balances, prepare the Stockholders’ Equity section of the balance sheet. Refer to the lists of Accounts and Amount Descriptions provided for the exact wording of the answer choices for text entries.

Two hundred fifty thousand shares of common stock are authorized, and 15,100 shares have been reacquired.

Common Stock, $50 par	$10,650,000
Paid-In Capital from Sale of Treasury Stock	320,000
Paid-In Capital in Excess of Par—Common Stock	3,190,000
Retained Earnings	19,200,000
Treasury Stock	981,500

Stockholders’ Equity

Using the following accounts and balances, prepare the Stockholders’ Equity section of the balance sheet. Refer to the lists of Accounts and Amount Descriptions provided for the exact wording of the answer choices for text entries. “Deduct” will automatically appear if required.

Stockholders’ Equity

1	Paid-in capital:
2
3
4
5
6
7
8
9

Answer 1

Requirement:

	Stockholder's Equity
1	Paid in Capital:
2	Common Stock		$10,650,000
3	Paid in Capital in excess of Par - Common Stock	$3,190,000
4	Paid in Capital from sale of Treasury Stock	$320,000	$3,510,000
5	Total Paid in Capital		$14,160,000
6	Retained earnings		$19,200,000
7	Total Paid in Capital & Retained Earnings		$33,360,000
8	Deduct: Treasury Stock		$981,500
9	Total Stockholder's Equity		$32,378,500