In: Accounting
12/31/03 had the following balances in its S.E section of the B.S:
Common Stock, $.50 par $300k
APIC - Common Stock $4 million
APIC - Share Repurchase $50k
R.E $2 million
Treasury Stock, at cost, 30k shares $(600k)
During 2004 completed the follwing transactions:
2/20: Issued40k shares of common stock (with a $.50 par value) in exchange for a machine w/ an appraised value of $800k
6/17: Resold 15k shares of treasury stock for $240k (The treasury stock was resold relates to common stock that was originally issue for $18 per share & was reacquired for $20 per share during 2003.)
12/2: Issued 10k shares of common stock for $24 per share. Share issue costs to promote the stock issuance totaled $15k
12/31: Reported NI of $1.5 million and other comprehensve income of $200k on the companys statement of comprehensive income.
Using the info provided above, what would they report within its 12/31/2004 S.E section of the B.S.
Provide the following amounts as they would appear in the B.S at 12/31/2004.
#1: APIC - Common Stock __________
#2: Retained Earnings __________
#3: Treasury Stock __________
#4: Common Shares Issued __________
Common Stock | APIC - Common Stock | APIC - Share Repurchase | Retained Earnings | Treasury Stock | |
300,000 | 4,000,000 | 50,000 | 2,000,000 | (600,000) | |
Feb 20 | |||||
Par value (40000*0.50) | 20,000 | ||||
Excess of par (800000-20000) | 780,000 | ||||
June 17 | |||||
Cost (15000*20) | 300,000 | ||||
Excess of cost for APIC repurchase | (50,000) | ||||
Excess of cost for APIC common stock (240000-300000)+50000)) |
(10,000) | ||||
Dec 2 | |||||
Par value (10000*0.5) | 5,000 | ||||
Excess of par (240000-5000-15000) | 220,000 | ||||
Dec 31 | |||||
Reported Net income | 1,500,000 | ||||
End. Balance | 325,000 | 4,990,000 | - | 3,500,000 | (300,000) |
Amounts as they would appear in the B.S at 12/31/2004 | |
APIC - Common Stock | 4,990,000 |
Retained Earnings | 3,500,000 |
Treasury Stock | (300,000) |
Common shares issued (325000/0.5) | 650,000 |