Question

Statement of Stockholders' Equity

The stockholders’ equity T accounts of I-Cards Inc. for the year ended December 31, 20Y9, are as follows.

Common Stock
			Jan. 1	Balance	800,000
			Apr. 14	Issued
				9,000 shares	360,000
			Dec. 31	Balance	1,160,000

Paid-In Capital in Excess of Par
			Jan. 1	Balance	128,000
			Apr. 14	Issued
				9,000 shares	72,000
			Dec. 31	Balance	200,000

Treasury Stock
Aug. 7	Purchased
	1,500 shares	55,500

Retained Earnings
Mar. 31	Dividend	20,000	Jan. 1	Balance	1,390,000
June. 30	Dividend	20,000	Dec. 31	Closing
Sept. 30	Dividend	20,000		(Net income)	209,000
Dec. 31	Dividend	20,000	Dec. 31	Balance	1,519,000

Prepare a statement of stockholders’ equity for the year ended December 31, 20Y9. If an amount is zero or an entry is not required, leave the box blank.

I-Cards Inc.
Statement of Stockholders’ Equity
For the Year Ended December 31, 20Y9
	Common Stock $40 Par	Paid-In Capital in Excess of Par	Treasury Stock	Retained Earnings	Total
Balance, Jan. 1, 20Y9	$	$	$	$	$
Issued 9,000 Shares of Common Stock
Purchased 1,500 Shares as Treasury Stock			$
Net Income
Dividends
Balance, Dec. 31, 20Y9	$	$	$	$	$

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Answer 1

I-Cards Inc.
Statement of Stockholders’ Equity
For the Year Ended December 31, 20Y9
	Common Stock $40 Par	Paid-In Capital in Excess of Par	Treasury Stock	Retained Earnings	Total
Balance, Jan. 1, 20Y9	800000	128000		1390000	2318000
Issued 9,000 Shares of Common Stock	360000	72000			432000
Purchased 1,500 Shares as Treasury Stock			-55500		-55500
Net Income				209000	209000
Dividends				-80000	-80000
Balance, Dec. 31, 20Y9	1160000	200000	-55500	1519000	2823500