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Sosa Company’s stockholders' equity at January 1, 2020 is as follows: Common stock, $10 par; issued...

Sosa Company’s stockholders' equity at January 1, 2020 is as follows: Common stock, $10 par; issued and outstanding 225,000 shares: $2,250,000 Paid-in capital – excess of par: $900,000 Retained earnings: $2,190,000 During 2020, Sosa had the following stock transactions: 1. Acquired 6,000 shares of its stock for $270,000. 2. Sold 3,600 treasury shares at $50 a share. 3. Sold the remaining treasury shares at $41 per share. No other stock transactions occurred during 2020. Sosa reported net income of $540,000 and declared dividends of $60,000 for 2020. What is the stockholders’ equity balance at December 31, 2020?

Multiple Choice

  • $5,739,600

  • $5,828,400

  • $5,738,400

  • $5,748,000

Homework Answers

Answer #1

Correct Answer - $ 5,828,400

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