Question
Presented below if the stockholders’ equity section of Blue Corporation at December 31, 2020: Common stock,...
Presented below if the stockholders’ equity section of Blue Corporation at December 31, 2020:
Common stock, par value $20; authorized 75,000 shares; issued and outstanding 45,000 shares $900,000
Paid-in-capital in excess of par value 350,000
Retained earnings 500,000
During 2021, the following transactions occurred related to stockholder’ equity:
3,000 shares were reacquired at $28 per share.
3,000 shares were reacquired at $35 per share.
3,200 shares of treasury stock were sold at $30 per share.
For the year ended December 31, 2021, Blue reported net income of $450,000. Assuming Blue accounts for treasury stock under the cost method, what should it report as total stockholders’ equity on its December 31, 2021, balance sheet?
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