Question

Culver Company has the following stockholders’ equity accounts at December 31, 2017. Common Stock ($100 par...

Culver Company has the following stockholders’ equity accounts at December 31, 2017.

Common Stock ($100 par value, authorized 8,400 shares)

$500,000

Retained Earnings

281,200


(1)

270 shares of outstanding stock were purchased at $97 per share. (These are to be accounted for using the cost method.)

(2)

A $20 per share cash dividend was declared.

(3)

The dividend declared in (2) above was paid.

(4)

The treasury shares purchased in (1) above were resold at $103 per share.

(5)

480 shares of outstanding stock were purchased at $106 per share.

(6)

320 of the shares purchased in (5) above were resold at $96 per share.

Prepare the stockholders’ equity section of Culver Company’s balance sheet after giving effect to these transactions, assuming that the net income for 2018 was $101,500. State law requires restriction of retained earnings for the amount of treasury stock. (Enter account name only and do not provide descriptive information.)

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