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12/31/03 had the following balances in its S.E section of the B.S: Common Stock, $.50 par...

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 __________

Solutions

Expert Solution

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

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