On January 1, 2012, Neville Inc. had these stockholders” equity balances.
|
Common Stock, $1 par (2,000,000 shares authorized, |
|
|
600,000 shares issued and outstanding) |
$ 600,000 |
|
Paid-in Capital in Excess of Par Value |
1,500,000 |
|
Retained Earnings |
700,000 |
During 2012, the following transactions and events occurred.
1. Issued 50,000 shares of $1 par value common stock for $3 per share.
2. Issued 60,000 shares of common stock for cash at $4 per share.
3. Purchased 20,000 shares of common stock for the treasury at $3.80 per share.
4. Declared and paid a cash dividend of $207,000.
5. Earned net income of $410,000.
Instructions
Prepare the stockholders” equity section of the balance sheet at December 31, 2012.