A corporation has 750,000 shares of authorized common stock at 10¢ par value. On three separate occasions, it has issued the following shares of common stock:

100,000 shares for $700,000

200,000 shares for $1,300,000

150,000 shares for $900,000

The corporation has since repurchased 50,000 shares for a total of $400,000. It had originally issued this stock for $7 per share.

The retained earnings for the year ended June 30, 20X8, were $425,000. 

The corporation’s net income for the year ended June 30, 20X9, was $250,000.

 Dividends declared during the year 20X9 were $75,000. As of June 30, 20X9, $25,000 of the dividends have not been paid.

Prepare the Stockholders’ Equity section for the balance sheet as of June 30, 20X9.

Answer rating: 100% (QA)

Stockholders Equity Common Stock 010 par value Authorized 750000 shares Issued and Outstanding 10000... View the full answer