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Tran Corporation was organized on January 1, 2018, with 100,000 authorized shares of $10 par value...

Tran Corporation was organized on January 1, 2018, with 100,000 authorized shares of $10 par value common stock. During 2018, Tran had the following transactions affecting stockholders' equity:

  • January 7—Issued 40,000 shares at a market value of $12 per share
  • December 2—Purchased 6,000 shares of treasury stock at $13 per share

Tran's net income for 2018 is $300,000. What is the amount of stockholders' equity on December 31, 2018?

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Answer #1

1. Statement of Stockholder's Equity -

Total Stockholder's Equity = $702,000

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