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Question
Slate Corporation had the following balances in its stockholders' equity accounts at December 31, 2015:| Common Stock, $10 par, 500,000 shares authorized, 20,000 shares issued "u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6. |
$200,000 |
| Paid-in Capital in Excess of Par Value, Common "u00a6"u00a6"u00a6"u00a6 | 250,000 |
| Retained Earnings "u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6.. | 500,000 |
| Treasury Stock, 1,000 shares "u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6 | (20,000) |
| Total stockholders' equity "u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6.. | $930,000 |
The following transactions occurred during 2016:
| February 3 | Sold and issued 2,000 shares of common stock for $22 per share. |
| May 10 | Declared a $0.50 per share dividend on common stock. |
| October 12 | Sold 500 shares of the treasury stock for $20 per share. |
| December 31 | Net income for the year was determined to be $75,000. |
Based on the above information, prepare a statement of stockholders' equity for 2016. Use the form below.
| Slate Corporation Statement of Stockholders' Equity December 31, 2016 | |||||
| Common Stock | Paid-in Capital in Excess of Par Value, Common | Retained Earnings | Treasury Stock | Total Equity | |
| Balance, December 31, 2015 | $200,000 | $250,000 | $500,000 | $(20,000) | $930,000 |
Answer
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