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

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 using Method 1 of Exhibit 8. Eighty thousand shares of common stock are authorized, and 9,000 shares have been reacquired.

 

Here is a tip:

For presentation purposes, for common stock issued, divide the total common stock amount by its stated value to get the total number of common stock issued.

May 06 2021 View more View Less

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