At the beginning of January 201X, the stockholders' equity of Long View Corporation consisted of the following:

Question:

Paid-In Capital:

Common Stock, $26 par value, authorized 52,000 shares, 13,600

shares issued and outstanding.................................................................$353,600

Paid-In Capital in Excess of Par Value-Common...........................................66,000

Total Paid-In Capital by Common

Stockholders....................................................................................$419,600

Retained Earnings................................................................................160,000

Total Stockholders' Equity....................................................................$579,600

201X

June 4 Long View Corporation purchased 1,040 shares of treasury stock at $30.

21 The board of directors voted a $0.40 per share cash dividend payable on July

13 to stockholders of record on July 3.

July 13 Cash dividend declared on June 21 is paid.

Sept. 9 Sold 340 shares of the treasury stock at $37 per share.

29 Sold 700 shares of the treasury stock at $29 per share.

Oct. 12 The board of directors declared a 9% stock dividend distributable on

November 15 to stockholders of record on November 2. The market value of the stock is currently $39 per share.

Dec. 31 Closed the net income of $59,000 in the Income Summary account to Retained Earnings.

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