13) Presented below if the stockholders equity section of Blue Corporation at December 31, 2020:...
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13) Presented below if the stockholders equity section of Blue Corporation at December 31, 2020: Common stock, par value $20; authorized 75,000 shares; issued and outstanding 45,000 shares $900,000 Paid-in-capital in excess of par value 350,000 Retained earnings 500,000 During 2021, the following transactions occurred related to stockholder equity: 3,000 shares were reacquired at $28 per share. 3,000 shares were reacquired at $35 per share. 3,200 shares of treasury stock were sold at $30 per share. For the year ended December 31, 2021, Blue reported net income of $450,000.
Assuming Blue accounts for treasury stock under the cost method, what should it report as total stockholders equity on its December 31, 2021, balance sheet?
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