Question

On January 1, 2022, Shamrock, Inc. had these stockholders’ equity balances. Common Stock, $1 par (2,600,000...

On January 1, 2022, Shamrock, Inc. had these stockholders’ equity balances.

Common Stock, $1 par (2,600,000 shares authorized, 680,000 shares issued and outstanding) $680,000
Paid-in Capital in Excess of Par Value 1,480,000
Retained Earnings 694,000
Accumulated Other Comprehensive Income 58,000


During 2022, the following transactions and events occurred.

1. Issued 49,000 shares of $1 par value common stock for $2 per share.
2. Issued 63,000 shares of common stock for cash at $3 per share.
3. Purchased 16,500 shares of common stock for the treasury at $3.00 per share.
4. Declared and paid a cash dividend of $174,000.
5. Earned net income of $385,500.
6. Had other comprehensive income of $18,200.


Prepare the stockholders’ equity section of the balance sheet at December 31, 2022.

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Answer #1
Balance Sheet extract at 31.12.2022 (Extract)
Equity & Liabilities
Equity
Share Capital 775500
Paid up inexcess of Par Value 1622000
Retained earnings 905500
Accumulated OCI 76200
Total Equity 3379200

Workings:

Share Capital Paid up inexcess of Par Value
Opening 680000 1480000
Issue 49000 49000
49000*1 49000*1
Issue 63000 126000
63000*1 63000*2
Buyback -16500 -33000
16500*1 16500*2
Closing 775500 1622000
Retained earnings Accumulated OCI
Opening 694000 58000
earned during the year 385500 18200
dividend paid -174000 0
Closing 905500 76200
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