Question

The following accounts and their balances appear in the ledger of Goodale Properties Inc. on June 30 of the current year:

1	Common stock, $45 par	$3,042,000.00
2	Paid-In Capital from Sale of Treasury Stock	115,400.00
3	Paid-In Capital in Excess of Par-Common Stock	270,400.00
4	Retained Earnings	20,585,800.00
5	Treasury Stock	321,900.00

Prepare the Stockholders’ Equity section of the balance sheet as of June 30. Eighty thousand shares of common stock are authorized, and 8,700 shares have been reacquired. Refer to the lists of Accounts and Amount Descriptions provided for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign.

Accounts and Amount Descriptions

Accounts and Amount Descriptions
Common stock dividends
Common stock, $45 par; 80,000 shares authorized, 67,600 issued
Excess of issue price over par
From sale of treasury stock
Increase in retained earnings
Paid-in capital, common stock
Preferred stock dividends
Retained earnings
Total
Total contributed capital
Total paid-in capital
Total stockholders’ equity
Treasury stock; 8,700 shares at cost

Stockholders’ Equity

Prepare the Stockholders’ Equity section of the balance sheet as of June 30. Eighty thousand shares of common stock are authorized, and 8,700 shares have been reacquired. Refer to the lists of Accounts and Amount Descriptions provided for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign.

Goodale Properties Inc.

Stockholders’ Equity

June 30, 20XX

1	Paid-in capital:
2
3
4
5
6
7
8
9
10

Answer 1

Goodale Properties Inc.
Stockholders' Equity
June 30, 20XX
1	Paid-In Capital:
2	Common stock, $45 par; 80,000 shares authorized, 67,600 issued         [Refef working note]	$3,042,000
3	Excess of issue price over par	$270,400
4	Paid-in capital, common stock         [$3,042,000 + $270,400]		$3,312,400
5	From sale of treasury stock		$115,400
6	Total Paid-In Capital                         [$3,312,400 + $115,400]		$3,427,800
7	Retained Earnings		$20,585,800
8	Total                                                 [$3,427,800 + $20,585,800]		$24,013,600
9	Deduct: Treasury stock; 8,700 shares at cost		$321,900
10	Total Stockholders' Equity          [$24,013,600 - $321,900]			$23,691,700

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Working note - Computation of the number of shares issued
Total Par value of the common stock       (a)	$3,042,000
Par value per share                            (b)	$45
Number of shares issued                   (a / b)	67,600