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3. As of December 31, 2023, Ajax Corporation reported the following: Dividends payable $25,000; Treasury stock...

3. As of December 31, 2023, Ajax Corporation reported the following: Dividends payable $25,000; Treasury stock $900,000; Paid-in capital--share repurchase $22,000; Other paid-in capital accounts $4,600,000; Retained earnings $3,010,000.

During 2024, a third of the treasury stock was resold for $240,000; net income was $825,000; cash dividends declared were $1,000,000; and stock dividends of $550,000 were declared and distributed (no fractional shares). Hint: Use a T-account to help you organized these facts.

What would total shareholders' equity be as of December 31, 2024?

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Answer #1

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Total stock holders equity be as of December 31, 2024 = 6797000

Paid in capital share repurchase Other Paid in capital accounts Retained earnings Treasury stock Total
Dec 31, 2023 22000 4600000 3010000 -900000 6732000
Sale of treasury stock -22000 -38000[ 60000-22000] 300000 240000
Net Income 825000 825000
Cash dividends -1000000 -1000000
Stock dividends 550000 -550000 0
0 5150000 2247000 -600000 6797000
0 0
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