The balance sheet of Cullins Management Consulting, Inc. at December 31, 2023, reported the following stockholders’ equity:

During 2024, Cullins completed the following selected transactions:

Requirements
1. Record the transactions in the general journal.
2. Prepare a retained earnings statement for the year ended December 31, 2024.
Assume Cullins’ net income for the year was $87,000.
3. Prepare the stockholders’ equity section of the balance sheet at December 31, 2024.

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Stockholders' Equity Paid-In Capital: Common Stock-$10 Par Value; 200,000 shares authorized, 22,000 shares issued and outstanding Paid-In Capital in Excess of Par-Common Total Paid-In Capital Retained Earnings Total Stockholders' Equity $ 220,000 360,000 580,000 163,000 $ 743,000