At the end of the prior year annual reporting period, Barnard Corporation's balance sheet showed the following: BARNARD CORPORATION Balance Sheet At December 31, Prior Year Stockholders' equity Contributed capital Common stock (par $15; 6,800 shares) Paid-in capital Total contributed capital Retained earnings Total stockholders' equity $102,000 18,000 120,000 42,000 $162,000 During the current year, the following selected transactions (summarized) were completed: a. Sold and issued 1,700 shares of common stock at $20 cash per share (at year-end). b. Determined net income, $48,000. c. Declared and paid a cash dividend of $1 per share on the beginning shares outstanding. Required: Prepare a statement of stockholders' equity for the year ended December 31, current year.
At the end of the prior year annual reporting period, Barnard Corporation's balance sheet showed the following: BARNARD CORPORATION Balance Sheet At December 31, Prior Year Stockholders' equity Contributed capital Common stock (par $15; 6,800 shares) Paid-in capital Total contributed capital Retained earnings Total stockholders' equity $102,000 18,000 120,000 42,000 $162,000 During the current year, the following selected transactions (summarized) were completed: a. Sold and issued 1,700 shares of common stock at $20 cash per share (at year-end). b. Determined net income, $48,000. c. Declared and paid a cash dividend of $1 per share on the beginning shares outstanding. Required: Prepare a statement of stockholders' equity for the year ended December 31, current year.
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter16: Financial Statement Analysis
Section: Chapter Questions
Problem 21E
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