EX 13-15 Stockholders’ equity section of balance sheet

The following accounts and their balances appear in the ledger of Cline Properties Inc. on April 30 of the current year:


Common Stock, $90 par . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,700,000
Paid-In Capital in Excess of Par . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120,000
Paid-In Capital from Sale of Treasury Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,000
Retained Earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,173,000
Treasury Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 352,000


Prepare the Stockholders’ Equity section of the balance sheet as of April 30. Fifty thousand shares of common stock are authorized, and 4,000 shares have been reacquired.


Answer:


Stockholders’ Equity
Paid-in capital:
 Common stock, $90 par
(50,000 shares authorized,
30,000 shares issued) ............... $2,700,000
 Excess of issue price over par ...... 120,000 $ 2,820,000
 From sale of treasury stock ........... 36,000
 Total paid-in capital................... $ 2,856,000
Retained earnings ................................ 9,173,000
 Total ................................................. $ 12,029,000
Deduct treasury stock
 (4,000 shares at cost) ..................... 352,000
Total stockholders’ equity................... $11,677,000 

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