On January 1, 2021, Fascom had the following account balances in its shareholders' equity accounts.
 

Common stock, $1 par, 253,000 shares issued	$	253,000
Paid-in capital–excess of par, common		506,000
Paid-in capital–excess of par, preferred		115,000
Preferred stock, $100 par, 11,500 shares outstanding		1,150,000
Retained earnings		2,300,000
Treasury stock, at cost, 5,300 shares		26,500

 
During 2021, Fascom Inc. had several transactions relating to common stock.
 

January		15:		Declared a property dividend of 100,000 shares of Slowdown Company (book value $10.3 per share, fair value $9.15 per share).
February		17:		Distributed the property dividend.
April		10:		A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. (Fascom chose to reduce Paid-in capital—excess of par.) The fair value of the stock was $4 on this date.
July		18:		Declared and distributed a 3% stock dividend on outstanding common stock. The fair value is $5 per share.
December		1:		Declared a 50 cents per share cash dividend on the outstanding common shares.
December		20:		Paid the cash dividend.

Required:
Without preparing journal entries, prepare the shareholders' equity section of Fascom's balance sheet as of December 31, 2021. Assume net income is $530,000 for 2021. (Negative amounts should be entered with a minus sign.)

Answer rating: 100% (QA)

FASCOM Balance Sheet Partial Dec 31 2021 Preferred stock 11500 100 par Common stock ... View the full answer