Common Stock, $45 par . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,060,000
Paid-In Capital from Sale of Treasury Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115,000
Paid-In Capital in Excess of Par—Common Stock. . . . . . . . . . . . . . . . . . . . . . . . . . 272,000
Retained Earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,553,000
Treasury Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 324,000
Prepare the Stockholders’ Equity section of the balance sheet as of June 30. Eighty thousand shares of common stock are authorized, and 9,000 shares have been reacquired.
Answer:
Stockholders’ Equity
Paid-in capital:
Common stock, $45 par
(80,000 shares authorized,
68,000 shares issued) $3,060,000
Excess of issue price over par 272,000 $ 3,332,000
From sale of treasury stock 115,000
Total paid-in capital $ 3,447,000
Retained earnings 20,553,000
Total $24,000,000
Deduct treasury stock
(9,000 shares at cost) 324,000
Total stockholders’ equity $23,676,000