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Determine the ending balances for Contributed Capital

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Question - On January 1, 2017, Agassi Corporation had the following stockholders' equity accounts.

Common Stock ($10 par value, 50,000 shares issued and outstanding) $500,000

Paid-in Capital in Excess of Par-Common Stock 515,000

Retained Earnings 603,000

During 2017, the following transactions occurred.

Jan. 15 Declared and paid a $1.05 cash dividend per share to stockholders.

Apr. 15 Declared and paid a 10% stock dividend. The market price of the stock was $13 per share.

May 15 Reacquired 2,200 common shares at a market price of $16 per share.

Nov. 15 Reissued 1,100 shares held in treasury at a price of $19 per share.

Dec. 31 Determined that net income for the year was $374,000.

Required - Determine the ending balances for Contributed Capital, Retained Earnings, and Stockholders' Equity.

Reference no: EM132920021

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