On January 1, 2022, Goodhue Inc. had the following stockholders' equity balances.
During 2022, the following transactions and events occurred.

1. Issued 60,000 shares of $2 par value common stock as a result of 15% stock dividend declared on December 15, 2023.
2. Issued 30,000 shares of common stock for cash at $4 per share.
3. Purchased 25,000 shares of common stock for the treasury at $5 per share.
4. Declared and paid a cash dividend of $111,000.
5. Sold 8,000 shares of treasury stock for cash at $5 per share.
6. Earned net income of $360,000.

Instructions

Prepare a stockholders' equity statement for the year.

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Common Stock (400,000 shares issued) Paid-in Capital in Excess of Par-Common Stock Common Stock Dividends Distributable Retained Earnings $800,000 500,000 120,000 600,000