Wendell Company provided the following pertaining to its accounting year that ended December 31, 2019: Common stock with a $10,000 par value was sold for $50,000 cashCash dividends totaling $20,000 were declared, of which $15,000 were paidNet income was $70,000A 5% stock dividend resulted in a common stock distribution, which had a $5,000 par value and a $23,000 market valueTreasury stock repurchased in a prior year for $9,000 was resold for $7,000 and in the journal entry to record the sale, Additional paid-in capital was debited for the amount of the difference between the repurchase price and the resale price What is the amount of net increase in Wendell's additional paid-in capital account during the year 2019?

Additional paid-in capital on Common stock sold = Sale value of Common stock - Par value of Common…

Answered: Wendell Company provided the following…

Excel Applications for Accounting Principles

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ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter12: Statement Of Stockholders’ Equity (stockeq)

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Problem 3R: Chen Corporation began 2012 with the following stockholders equity balances: The following selected...

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Wendell Company provided the following pertaining to its accounting year that ended December 31, 2019:

Common stock with a $10,000 par value was sold for $50,000 cash
Cash dividends totaling $20,000 were declared, of which $15,000 were paid
Net income was $70,000
A 5% stock dividend resulted in a common stock distribution, which had a $5,000 par value and a $23,000 market value
Treasury stock repurchased in a prior year for $9,000 was resold for $7,000 and in the journal entry to record the sale, Additional paid-in capital was debited for the amount of the difference between the repurchase price and the resale price

What is the amount of net increase in Wendell's additional paid-in capital account during the year 2019?

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