GL1101 - Based on Problem 11-2A LO C3, P2, P3

Delray Company reports the following components of stockholders equity on January 1.

Common stock$10 par value, 120,000 shares authorized, 50,000 shares issued and outstanding	$	500,000
Paid-in capital in excess of par value, common stock		75,000
Retained earnings		410,000
Total stockholders' equity	$	985,000

During the year, the following transactions affected its stockholders equity accounts.

Jan.		2		Purchased 5,000 shares of its own stock at $23 cash per share.
Jan.		5		Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record.
Feb.		28		Paid the dividend declared on January 5.
July		6		Sold 1,900 of its treasury shares at $27 cash per share.
Aug.		22		Sold 3,100 of its treasury shares at $20 cash per share.
Sept.		5		Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record.
Oct.		28		Paid the dividend declared on September 5.
Dec.		31		Closed the $259,500 credit balance (from net income) in the Income Summary account to Retained Earnings.

For each transaction, indicate the impact on total stockholders' equity. Enter decreases to equity as negative values. Verify that total Stockholders' equity as of December 31, as calculated, agrees with the amount reported on the balance sheet.

UnadjustedAdjustedPost-closing

Dates:

Jan 01

to:

Dec 31

	Impact on equity	$
Total Stockholders' Equity - January 1		??????
Jan. 2) Purchased 5,000 shares of its own stock at $23 cash per share.	Stockholders' equity decreased	(115,000)
Jan. 5) Directors declared a $2 per share cash dividend payable on Feb. 28 to the Feb. 5 stockholders of record.	Stockholders' equity decreased	(90,000)
Feb. 28) Paid the dividend declared on January 5.	No change in total equity	0
Jul. 6) Sold 1,900 of its treasury shares at $27 cash per share.	Stockholders' equity increased	51,300
Aug. 22) Sold 3,100 of its treasury shares at $20 cash per share.	Stockholders' equity increased	62,000
Sep. 5) Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record.	Stockholders' equity decreased	(100,000)
Oct. 28) Paid the dividend declared on September 5.	No change in total equity	0
Dec. 31) Closed the $259,500 credit balance (from net income) in the Income Summary account to Retained Earnings.	Stockholders' equity increased	259,500
Total Stockholders' Equity - as calculated on December 31		$67,800
Total Stockholder's Equity as reported on Stockholder's Equity tab		$1,052,800
Unreconciled difference:		$(985,000)

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Total Stockholders' Equity - January 1

is the question