AP$11-5$

$$ LO$11-1,11-3,11-7$

Preparing the Stockholders' Equity Section after Selected Transactions $($P$11-5)$

Mulkilteo Company obtained a charter from the state in January of this year. The charter authorized $1,000,000$ shares of common

stock with a $$5$ par value. During the year, the company earned $$429,000.$ Also during the year, the following selected transactions

occurred in the order given:

a$.$ Sold $700,000$ shares of the common stock for $$54$ per share.

b$.$ Repurchased $25,000$ shares for $$50$ per share.

Required:

Prepare the stockholders' equity section of the balance sheet at the end of the year.