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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