Smiley Site, Inc., ended 2012 with 10 million shares of $1 par common stock issued and outstanding.

Question:

Smiley Site, Inc., ended 2012 with 10 million shares of $1 par issued and outstanding. Beginning additional paid-in capital was $9 million, and retained earnings totaled $44 million.
In April 2013, Smiley Site issued 9 million shares of at a price of $2 per share.
In June, the company distributed a 10% stock dividend at a time when Smiley Site€™s had a market value of $12 per share.
Then in September, Smiley Site€™s stock price dropped to $1 per share and the company purchased 9 million shares of treasury stock.
For the year, Smiley Site earned net income of $24 million and declared cash dividends of $13 million.

Requirement
1. Complete the following tabulation to show what Smiley Site should report for stockholders€™ equity at December 31, 2013. Journal entries are notrequired.

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...