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Question - The following equity data relates to Ike's Tuba Corporation (ITC) for 20Y2:
A 10% stock dividend was declared and issued to common stockholders in January when the stock was trading for $4 per share
Common stock cash dividends of $0.10 per share were declared and paid in March
80,000 shares were issued from Treasury Stock in April at a price of $2 each
100,000 shares of common stock were repurchased in September at a price of $6 each
200,000 shares of common stock were exchanged for a building when the shares were trading at $8. The building had an appraised value of $2 million. The shares are actively traded.
Net Income for the year was $600,000
Required - Complete the Stockholders' Equity section for ITC as of the end of 20Y2. Remember that cash and stock dividends are not paid on shares that are in treasury.
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