question archive The following accounts and their balances appear in the ledger of Cline Properties Inc
The following accounts and their balances appear in the ledger of Cline Properties Inc
Subject:FinancePrice:2.89 Bought3
The following accounts and their balances appear in the ledger of Cline Properties Inc. on April 30 of the current year:
Common Stock
, $90 par...................$2,700,000
Paid-In Capital in Excess of par............... 120,000
Paid-In Capital from Sale of Treasury Stock.......... 36,000
Retained Earnings.................... 9,173,000
Treasury Stock..................... 352,000
Prepare the Stockholders’ Equity section of the balance sheet
as of April 30, Fifty thousand shares of common stock are authorized, and 4,000 shares have been reacquired.
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Stockholders' Equity
Paid-in capital:
Common stock, $90 par
(50,000 shares authorized,
30,000 shares issued)......................... $2,700,000
Excess of issue price over par.................. 120,000 $ 2,820,000
From sale of treasury stock...................... 36,000
Total paid-in capital........................... $ 2,856,000
Retained earnings.......................................... 9,173,000
Total......................................................... $ 12,029,000
Deduct treasury stock
(4,000 shares at cost)............................... 352,000
Total stockholders' equity............................. $11,677,000
