On January 1, 2022, Skysong, Inc. had the following stockholders' equity balances. ...
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Accounting
On January 1, 2022, Skysong, Inc. had the following stockholders' equity balances.
Common Stock (532,000 shares issued)
$2,128,000
Paid-in Capital in Excess of Par-Common Stock
540,000
Common Stock Dividends Distributable
319,200
Retained Earnings
577,000
During 2022, the following transactions and events occurred.
1.
Issued 79,800 shares of $4 par value common stock as a result of 15% stock dividend declared on December 15, 2021.
2.
Issued 31,500 shares of common stock for cash at $6 per share.
3.
Purchased 21,500 shares of common stock for the treasury at $7 per share.
4.
Declared and paid a cash dividend of $118,000.
5.
Sold 8,200 shares of treasury stock for cash at $7 per share.
6.
Earned net income of $342,000.
Prepare a stockholders' equity statement for the year. (If an amount reduces the account balance then enter with negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
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