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Common stock, $1 par, 244,000 shares issued Paid-in capital-excess of par, common Paid-in capital-excess of par, preferred Preferred stock, $100 par, 18,000 shares outstanding Retained earnings Treasury stock, at cost, 4,400 shares 244, 000 488,000 180,000 1,800,000 3,600, 000 22,000 During 2021, Fascom Inc. had several transactions relating to common stock. January 15: Declared a property dividend of 100,000 shares of Slowdown Company (book value $11.6 per share, fair value $9.80 per share). February 17: Distributed the property dividend. April 10: A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. (Fascom chose to reduce Paid-in capital-excess of par.) The fair value of the stock was $4 on this date. 18: Declared and distributed a 4% stock dividend on outstanding common stock. The fair value is $5 per share. July December 1: Declared a 50 cents per share cash dividend on the outstanding common shares. December 20: Paid the cash dividend. Required: Without preparing journal entries, prepare the shareholders' equity section of Fascom's balance sheet as of December 31, 2021. Assume net income is $440,000 for 2021. (Negative amounts should be entered with a minus sign.)

Common stock, $1 par, 244,000 shares issued Paid-in capital-excess of par, common Paid-in capital-excess of par, preferred Preferred stock, $100 par, 18,000 shares outstanding Retained earnings Treasury stock, at cost, 4,400 shares 244, 000 488,000 180,000 1,800,000 3,600, 000 22,000 During 2021, Fascom Inc. had several transactions relating to common stock. January 15: Declared a property dividend of 100,000 shares of Slowdown Company (book value $11.6 per share, fair value $9.80 per share). February 17: Distributed the property dividend. April 10: A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. (Fascom chose to reduce Paid-in capital-excess of par.) The fair value of the stock was $4 on this date. 18: Declared and distributed a 4% stock dividend on outstanding common stock. The fair value is $5 per share. July December 1: Declared a 50 cents per share cash dividend on the outstanding common shares. December 20: Paid the cash dividend. Required: Without preparing journal entries, prepare the shareholders' equity section of Fascom's balance sheet as of December 31, 2021. Assume net income is $440,000 for 2021. (Negative amounts should be entered with a minus sign.)

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 14P: Gray Company lists the following shareholders equity items on its December 31, 2018, balance sheet:...
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On January 1, 2021, Fascom had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 244,000 shares issued Paid-in capital-excess of par, common Paid-in capital-excess of par, preferred Preferred stock, $100 par, 18,000 shares outstanding Retained earnings Treasury stock, at cost, 4,400 shares $ 244, 000 488,000 180,000 1,800,000 3,600, 000 22,000 During 2021, Fascom Inc. had several transactions relating to common stock. January 15: Declared a property dividend of 100,000 shares of Slowdown Company (book value $11.6 per share, fair value $9.80 per share). February 17: Distributed the property dividend. April 10: A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. (Fascom chose to reduce Paid-in capital-excess of par.) The fair value of the stock was $4 on this date. 18: Declared and distributed a 4% stock dividend on outstanding common stock. The fair value is $5 per share. July December 1: Declared a 50 cents per share cash dividend on the outstanding common shares. December 20: Paid the cash dividend. Required: Without preparing journal entries, prepare the shareholders' equity section of Fascom's balance sheet as of December 31, 2021. Assume net income is $440,000 for 2021. (Negative amounts should be entered with a minus sign.)
Transcribed Image Text:On January 1, 2021, Fascom had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 244,000 shares issued Paid-in capital-excess of par, common Paid-in capital-excess of par, preferred Preferred stock, $100 par, 18,000 shares outstanding Retained earnings Treasury stock, at cost, 4,400 shares $ 244, 000 488,000 180,000 1,800,000 3,600, 000 22,000 During 2021, Fascom Inc. had several transactions relating to common stock. January 15: Declared a property dividend of 100,000 shares of Slowdown Company (book value $11.6 per share, fair value $9.80 per share). February 17: Distributed the property dividend. April 10: A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. (Fascom chose to reduce Paid-in capital-excess of par.) The fair value of the stock was $4 on this date. 18: Declared and distributed a 4% stock dividend on outstanding common stock. The fair value is $5 per share. July December 1: Declared a 50 cents per share cash dividend on the outstanding common shares. December 20: Paid the cash dividend. Required: Without preparing journal entries, prepare the shareholders' equity section of Fascom's balance sheet as of December 31, 2021. Assume net income is $440,000 for 2021. (Negative amounts should be entered with a minus sign.)
FASCOM Balance Sheet (Partial) December 31, 2021 Shareholders' equity Preferred stock Common stock Paid-in capital - excess of par, preferred Paid-in capital - excess of par, common Retained earnings Treasury stock Total shareholders' equity $
Transcribed Image Text:FASCOM Balance Sheet (Partial) December 31, 2021 Shareholders' equity Preferred stock Common stock Paid-in capital - excess of par, preferred Paid-in capital - excess of par, common Retained earnings Treasury stock Total shareholders' equity $
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