Mulkilteo Company obtained a charter from the state in January of this year. The charter...
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Mulkilteo Company obtained a charter from the state in January of this year. The charter authorized 1,000,000 shares of common stock with a $5 par value. During the year, the company earned $447,000. Also during the year, the following selected transactions occurred in the order given: Sold 880,000 shares of the common stock for $64 per share. Repurchased 43,000 shares for $60 per share. Required: Prepare the stockholders equity section of the balance sheet at the end of the year. Note: Amounts to be deducted should be indicated with a minus sign
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