Reference no: EM132589976

The stockholders' equity account balances of THE Company are given below:

                                        January 1, 2021
Common stock ...................... 639,000
Paid-in capital - common stock .... 923,000
Retained earnings ................. 388,000

The common stock account at January 1 consisted of 71,000 shares at a $9 par value per share.

During 2021, THE Company entered into the following transactions:

February 1       Re-acquired 30,000 of the common shares for $16 per share

March 6         Re-issued 9,000 of the shares re-acquired on February 1 for $14 per share

June 17           Re-issued 7,000 of the shares re-acquired on February 1 for $21 per share

August 3        Issued 18,000 shares of previously un-issued common stock for $26 per share

November 11    Re-issued 11,000 of the shares re-acquired on February 1 for $13 per share

December 18    Declared and paid a $2 dividend per share on the outstanding shares of common stock

THE Company reported a net income of $300,000 for 2021.

Question 1: Calculate the balance in the paid-in capital - common stock account at December 31, 2021.