Presented below is the stockholders' equity section of Concord Corporation at December 31, 2020: Common stock,...

Presented below is the stockholders' equity section of Concord Corporation at December 31, 2020:

Common stock, par value $20; authorized 75,000 shares;
	issued and outstanding 45600 shares	$ 912000
Paid-in capital in excess of par value		351000
Retained earnings		498000
		$1761000

During 2021, the following transactions occurred relating to stockholders' equity:

3200 shares were reacquired at $29 per share.
3500 shares were reacquired at $34 per share.
1700 shares of treasury stock were sold at $31 per share.

For the year ended December 31, 2021, Concord reported net income of $457000. Assuming Concord accounts for treasury stock under the cost method, what should it report as total stockholders' equity on its December 31, 2021, balance sheet?

Expert Solution

ekkarill92 answered 1 year ago

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