Using the following accounts and balances, prepare the Stockholders' Equity section of the balance sheet using Method 1 of Exhibit 8. Two hundred thousand shares of common stock are authorized, and 5,000 shares have been reacquired.Common Stock, $3 par$270,000Paid-In Capital from Sale of Treasury Stock62,000Paid-In Capital in Excess of Par—Common Stock1,196,000Retained Earnings7,430,000Treasury Stock230,000 Stockholders' EquityPaid-in capital: Common Stock, $3 par (200,000 shares authorized, 90,000 shares issued) $fill in the blank 2 Excess over par fill in the blank 4 Paid-in capital, common stock $fill in the blank 6 From Sale of Treasury Stock fill in the blank 8 Total Paid-In Capital $fill in the blank 9Retained Earnings fill in the blank 11Treasury stock (5,000 shares at cost) fill in the blank 13Total Stockholders' Equity $fill in the blank 14

Formula: Total paid in capital = Common stock issued at PAR + Excess over PAR.

Answered: Using the following accounts and…

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter11: Stockholders' Equity

Section: Chapter Questions

Problem 11.14AMCP

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Question

Using the following accounts and balances, prepare the Stockholders' Equity section of the balance sheet using Method 1 of Exhibit 8. Two hundred thousand shares of common stock are authorized, and 5,000 shares have been reacquired.

Common Stock, $3 par	$270,000
Paid-In Capital from Sale of Treasury Stock	62,000
Paid-In Capital in Excess of Par—Common Stock	1,196,000
Retained Earnings	7,430,000
Treasury Stock	230,000



Stockholders' Equity
Paid-in capital:
Common Stock, $3 par (200,000 shares authorized, 90,000 shares issued)	$fill in the blank 2
Excess over par	fill in the blank 4
Paid-in capital, common stock		$fill in the blank 6
From Sale of Treasury Stock		fill in the blank 8
Total Paid-In Capital			$fill in the blank 9
Retained Earnings			fill in the blank 11
Treasury stock (5,000 shares at cost)			fill in the blank 13
Total Stockholders' Equity			$fill in the blank 14