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Using the following accounts and balances prepare the stockholders equity section of the balance sheet. five hundred thousand shares of common stock are authorized and 40,000 shares have been reacquired. common stock, $120 par                                          $48,000,000 Paid in capital from sale of treasury stock                 $4,500,000 Paid in capital in excess of par----common stock      $6,400,000 Retained Earnings                                                      $63,680,000 Treasury Stock                                                            $5,200,00

Using the following accounts and balances prepare the stockholders equity section of the balance sheet. five hundred thousand shares of common stock are authorized and 40,000 shares have been reacquired. common stock, $120 par                                          $48,000,000 Paid in capital from sale of treasury stock                 $4,500,000 Paid in capital in excess of par----common stock      $6,400,000 Retained Earnings                                                      $63,680,000 Treasury Stock                                                            $5,200,00

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter10: Stockholder's Equity
Section: Chapter Questions
Problem 5MCQ
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Using the following accounts and balances prepare the stockholders equity section of the balance sheet. five hundred thousand shares of common stock are authorized and 40,000 shares have been reacquired.

common stock, $120 par                                          $48,000,000

Paid in capital from sale of treasury stock                 $4,500,000

Paid in capital in excess of par----common stock      $6,400,000

Retained Earnings                                                      $63,680,000

Treasury Stock                                                            $5,200,000

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