Reference no: EM131781433

Question - Barker Corp. received a charter authorizing 120,000 shares of common stock at $15 par value per share. During the first year of operations, 40,000 shares were sold at $28 per share. 600 shares were issued in payment of a current operating debt of $18,600. In the first year, the net income was $142,000.

During the year, dividends of $36,000 were paid to stockholders. At the end of the year, total liabilities were $82,000. Use the given data to compute the following items at the end of the first year (show all computations):

(1) Total liabilities and stockholders' equity

(2) Stockholders' equity

(3) Contributed capital

(4) Issued capital stock (par)

(5) Outstanding capital stock (par)

(6) Unissued capital stock (number of shares)

(7) Paid-In capital in excess of par value