The stockholders' equity section of Marigold Corp. balance sheet at December 31, 2019, appears below: Stockholders'...

The stockholders' equity section of Marigold Corp. balance sheet at December 31, 2019, appears below:

Stockholders' equity
Paid-in capital
Common stock, $10 par value, 490,000 shares authorized; 320,000 issued and outstanding		$3,200,000
Paid-in capital in excess of par		1,300,000
Total paid-in capital		4,500,000
Retained earnings		870,000
Total stockholders' equity		$5,370,000

During 2020, the following stock transactions occurred:

Jan. 18		Issued 88,000 shares of common stock at $22 per share.
Aug. 20		Purchased 29,000 shares of Marigold Corp. common stock at $27 per share to be held in the treasury.

Prepare the stockholders' equity section of the balance sheet for Marigold Corp. at December 31, 2020. Assume that net income for the year was $152,000 and that no dividends were declared.

Expert Solution

Stockholder's Equity	Dec 31,2019	Addition during the year 2020	Dec 31,2020	Remarks

Paid in Capital
Common Stock ,10$ par value , 490,000 Shares Authorised;320,000 issued and outstanding	$ 3,200,000.00	$ 880,000.00	$ 4,080,000.00	88,000 Shares @ $10 par value
Paid in capital in excess of par	$ 1,300,000.00	$ 1,056,000.00	$ 2,356,000.00	88,000 Shares @ $12 excess of par value
Total paid in capital	$ 4,500,000.00	$ 1,936,000.00	$ 6,436,000.00
Retained Earning	$ 870,000.00	$ 152,000.00	$ 1,022,000.00
Less: Treasury Stock (29,000 Shares of common ,at $27	$ -	$ (783,000.00)	$ (783,000.00)	29,000 shares @ $27)
Total Stock holder's Equity	$ 5,370,000.00	$ 1,305,000.00	$ 6,675,000.00

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