Use the information in P5- 3 for Right Angle Manufacturing Company and the following additional information provided to complete the requirements below. Right Angle issued $ 20,000 of no- par common stock in the current year. The company also repurchased $ 15,000 of its shares at the end of the reporting period. The company is subject to a 40% income tax rate. The beginning balance of common stock (no par) was $ 75,000.
In P5-3

Required
a. Prepare a statement of stockholders€™ equity for the year ended December 31.
b. Prepare a partial balance sheet to show the ending balances in the stockholders€™ equity section. A B

RightAngle Manufacturing Company Tial Balance For the Year Ended December 31 Debit Credit Account Common Stock- Beginning Balanoe Retained Eanings - Beginning Balance Accumulated Other Comprehensive Income-Beginning Balance Dividends Sales Dividend Income Interest Income Gain on Disposal of Plant Assets S 75,000 95,000 $3,400 500 230,000 200 680 1,000 Unrealized Gain on Trading Securities Cost of Goods Sold Selling Expenses Advertising Expense Office Supplies Expense Sales Salaries Expense Office Salaries Expense Accounting and Legal Fees-Administrative Systems Consulting Fees-General Depreciation Expense-General $4,000 $75,000 1.450 3,400 1.250 145 1,890 575 670 2,350 3,000 890 900 250 780 Interest Expense Loss on Asset Impairment Loss on Discontinued Operations- Before Tax Unrealized Loss on Available-forSale Bonds