(Learning Objective 2, 3: Stockholders’ equity section of a balance sheet) Sagebrush Software had the following selected account balances at December 31, 20X6 (in thousands, except par value per share). Prepare the stockholders’ equity section of Sagebrush Software’s balance sheet (in thousands).
|
Inventory |
$ 653 |
Common stock, $0.25 par per share, 800 shares authorized, 360 shares issued |
$ 90 |
|
Property, plant, and equipment, net |
857 |
Retained earnings |
2,202 |
|
Paid in capital in excess of par |
901 |
Accounts receivable, net |
600 |
|
Treasury stock, 120 shares at cost |
1,380 |
Notes payable |
1,122 |
|
Other stockholders’ equity |
(729) |
How can Sagebrush have a larger balance of treasury stock than the sum of Common Stock and Paid in Capital in Excess of Par?