Question

On January 1, 2014, Kessler Inc. had these stockholders’ equity balances.
Common Stock, $1 par (2,000,000 shares authorized,
600,000 shares issued and outstanding).................$ 600,000
Paid-in Capital in Excess of Par Value.................1, 500,000
Retained Earnings............................700,000
During 2014, the following transactions and events occurred.
1. Issued 50,000 shares of $1 par value common stock for $3 per share.
2. Issued 60,000 shares of common stock for cash at $4 per share.
3. Purchased 20,000 shares of common stock for the treasury at $3.80 per share.
4. Declared and paid a cash dividend of $207,000.
5. Earned net income of $410,000.
Instructions
Prepare the stockholders’ equity section of the balance sheet at December 31, 2014.



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  • CreatedApril 07, 2014
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