The equity sections for Atticus Group at the beginning of the year (January 1) and end of
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Question:
The equity sections for Atticus Group at the beginning of the year (January 1) and end of the year (December 31) follow.
Stockholders Equity (January 1) | |
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Common stock$4 par value, 100,000 shares authorized, 40,000 shares issued and outstanding | $ 160,000 |
Paid-in capital in excess of par value, common stock | 120,000 |
Retained earnings | 320,000 |
Total stockholders equity | $ 600,000 |
Stockholders Equity (December 31) | |
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Common stock$4 par value, 100,000 shares authorized, 47,400 shares issued, 3,000 shares in treasury | $ 189,600 |
Paid-in capital in excess of par value, common stock | 179,200 |
Retained earnings ($30,000 restricted by treasury stock) | 400,000 |
768,800 | |
Less cost of treasury stock | (30,000) |
Total stockholders equity | $ 738,800 |
The following transactions and events affected its equity during the year.
January 5 | Declared a $0.50 per share cash dividend, date of record January 10. |
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March 20 | Purchased treasury stock for cash. |
April 5 | Declared a $0.50 per share cash dividend, date of record April 10. |
July 5 | Declared a $0.50 per share cash dividend, date of record July 10. |
July 31 | Declared a 20% stock dividend when the stocks market value was $12 per share. |
August 14 | Issued the stock dividend that was declared on July 31. |
October 5 | Declared a $0.50 per share cash dividend, date of record October 10. |
5. How much net income did the company earn this year?
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