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The Sharp Company was organized on January 1, 2010 with an authorization of 100,000 shares...

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Accounting

The Sharp Company was organized on January 1, 2010 with an authorization of 100,000 shares of $1 par value common stock.

During 2010, 60,000 shares sold for a total of $1,200,000 and Sharp recorded $300,000 as net income. No dividends were declared or paid.

In January 2011, 10,000 shares of treasury stock were purchased for $180,000.

In July 2011, 2,500 treasury shares were sold for $60,000.

In November 2011, 3,000 shares of treasury stock were retired when the market value per share was $21.

In early December of 2011, a 10% stock dividend (considered to be a small stock dividend) was declared and issued, when the market value was $23 per share. The stock dividend was declared on issued shares.

On Dec. 15, 2011, 5,000 shares were subscribed for $24 per share, $6 per share was received at the time of subscription, with 3 remaining payments of $6 each due at the end of each of the next three years.

A cash dividend of $.50 per share was declared on Dec. 31, 2011, payable January 15, 2012

Net income for 2011 was $150,00

Prepare the stockholders equity sction

and balance sheet

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