The following accounts and their balances appear in the ledger of Goodale Properties Inc. on June 30

Question:

The following accounts and their balances appear in the ledger of Goodale Properties Inc. on June 30 of the current year:

Common Stock, $45 par . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,060,000

Paid-In Capital from Sale of Treasury Stock . . . . . . . . . . . . . . . . . . 115,000

Paid-In Capital in Excess of Par—Common Stock. . . . . . . . . . . . . . 272,000

Retained Earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,553,000

Treasury Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 324,000

Prepare the Stockholders’ Equity section of the balance sheet as of June 30. Eighty thousand shares of common stock are authorized, and 9,000 shares have been reacquired.

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...