Question

13-06

Reporting Stockholders' Equity

Using the following accounts and balances, prepare the Stockholders' Equity section of the balance sheet using Method 1 of Exhibit 8. 30,000 shares of common stock authorized, and 1,000 shares have been reacquired.

Common Stock, $30 par	$720,000
Paid-In Capital from Sale of Treasury Stock	29,000
Paid-In Capital in Excess of Par—Common Stock	168,000
Retained Earnings	396,000
Treasury Stock	15,000

Stockholders' Equity
Paid-In Capital:
	$
		$
Total Paid-in Capital		$
Total		$
Total Stockholders' Equity		$

Answer 1

Stockholders' Equity
Paid-In Capital :
Common stock, $ 30 par (30000 shares of common stock authorized and 24000 shares are issued, of which 1000 shares are held in treasury stock)		$720,000
Paid-In Capital in Excess of Par - Common Stock		$168,000
Paid-In Capital in Excess of Par - Treasury Stock		$29,000
Total Paid-In Capital		$917,000
Retained Earnings		$396,000
Subtotal		$1,313,000
Less : Treasury Stock (1000 shares of common at $ 15 cost)		$15,000
Total Stockholders' Equity		$1,298,000