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Accounting

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Worldwide Company obtained a charter from the state in January that authorized 200,000 shares of common stock, $10 par value. During the first year, the company earned $37,600 and declared no dividends; the following selected transactions occurred in the order given:
Issued 54,000 shares of the common stock at $11 cash per share.
Repurchased 1,400 shares at $14 cash per share from stockholders; the shares are now held in treasury.
Reissued 700 of the shares in transaction (b) two months later at $17 cash per share.
Prepare the stockholders equity section of the balance sheet at December 31. TIP: Because this is the first year of operations, Retained Earnings has a zero balance at the beginning of the year. (Amounts to be deducted should be indicated by a minus sign.)

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