On January 1, 2012, Gabriel Inc. had these stockholder equity balances.
|
Common Stock, $1 par (1,000,000 shares authorized; |
|
|
500,000 shares issued and outstanding) |
$ 500,000 |
|
Paid-in Capital in Excess of Par Value |
1,000,000 |
|
Retained Earnings |
600,000 |
During 2012, the following transactions and events occurred.
1. Issued 70,000 shares of $1 par common stock for $245,000.
2. Issued 40,000 common shares for cash at $4 per share.
3. Purchased 18,000 shares of common stock for the treasury at $4 per share.
4. Declared and paid a cash dividend of $296,000.
5. Reported net income of $510,000.
Instructions
Prepare the stockholders” equity section of the balance sheet at December 31, 2012.