Question

"Stockholders' Equity" Section of Balance Sheet

The following accounts and their balances appear in the ledger of Goodale Properties Inc. on June 30 of the current year:

Common Stock, $15 par	$265,500
Paid-In Capital from Sale of Treasury Stock	11,500
Paid-In Capital in Excess of Par—Common Stock	21,240
Retained Earnings	438,000
Treasury Stock	16,435

Prepare the "Stockholders' Equity" section of the balance sheet as of June 30. Fifty thousand shares of common stock are authorized, and 865 shares have been reacquired.

Goodale Properties Inc.
Stockholders' Equity
June 30, 20XX
Paid-In Capital:
	$
		$
Total Paid-In Capital		$
Total		$
Total Stockholders' Equity			$

Answer 1

• Requirement

Goodale Properties Inc.
Stockholders' Equity
June 30, 20XX
Paid-In Capital:
Common Stock [$15 par, 17700 issued, 16835 outstanding]	$265,500
Paid in Capital in excess of Par - Common Stock	$21,240
		$286,740
Paid in Capital from Sale of Treasury Stock		$11,500
Total Paid-In Capital		$298,240
Retained earnings		$438,000
Total		$736,240
Less: Treasury Stock (865 shares , $ 19 cost)		$16,435 [to be deducted, so if required, enter as negative]
Total Stockholders' Equity			$719,805