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As of December 31, 2018, Warner Corporation reported the following:    Dividends payable $ 34,000 Treasury...

As of December 31, 2018, Warner Corporation reported the following:
  

Dividends payable $ 34,000
Treasury stock 740,000
Paid-in capital—share repurchase 34,000
Other paid-in capital accounts 5,400,000
Retained earnings 4,400,000

  
During 2019, half of the treasury stock was resold for $268,000; net income was $740,000; cash dividends declared were $1,640,000; and stock dividends declared were $640,000.
  
What would shareholders' equity be as of December 31, 2019?

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Answer #1

Answer- Shareholders' equity would be as of December 31, 2019= $8462000.

Explanation-

Calculation of Stockholder's Equity
Particulars Paid-in Capital Share Repurchase Other Paid-in Capital accounts Retained Earnings Treasury Stock Totals
$ $ $ $ $
Opening balance on December 31,2018 34000 5400000 4400000 -740000 9094000
Sale of treasury stock -34000 -68000 370000 268000
Net Income 740000 740000
Cash dividends -1640000 -1640000
Stock dividends 640000 -640000
Totals 0 6040000 2792000 -370000 8462000
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