Swifty Corporation had the following stockholders’ equity accounts on January 1, 2022: Common Stock ($5 par) $500,000, Paid-in Capital in Excess of Par—Common Stock $225,000, and Retained Earnings $100,000. In 2022, the company had the following treasury stock transactions.

Mar.	1		Purchased 6,500 shares at $8 per share.
June	1		Sold 1,500 shares at $12 per share.
Sept.	1		Sold 2,000 shares at $10 per share.
Dec.	1		Sold 1,000 shares at $7 per share.

Swifty Corporation uses the cost method of accounting for treasury stock. In 2022, the company reported net income of $28,000.

Prepare the stockholders’ equity section for Swifty Corporation at December 31, 2022.

 

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Answer rating: 100% (QA)

SOLUTION The stockholders eq... View the full answer