Reference no: EM132849543
Question - On January 1, 2021, Fascom had the following account balances in its shareholders' equity accounts.
Common stock, $1 par, 251,000 shares issued $251,000
Paid-in capital-excess of par, common 502,000
Paid-in capital-excess of par, preferred 105,000
Preferred stock, $100 par, 10,500 shares outstanding 1,050,000
Retained earnings 2,100,000
Treasury stock, at cost, 5,100 shares 25,500
During 2021, Fascom Inc. had several transactions relating to common stock.
January 15: Declared a property dividend of 100,000 shares of Slowdown Company (book value $10.1 per share, fair value $9.05 per share).
February 17: Distributed the property dividend.
April 10: A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. (Fascom chose to reduce Paid-in capital-excess of par.) The fair value of the stock was $4 on this date.
July 18: Declared and distributed a 4% stock dividend on outstanding common stock. The fair value is $5 per share.
December 1: Declared a 50 cents per share cash dividend on the outstanding common shares.
December 20: Paid the cash dividend.
The question contains a partial balance sheet, dated December 31, 2021. The first line item is Shareholder's equity, there are seven blank line items on the partial balance sheet, and it ends with total shareholder's equity $_______.
Without preparing journal entries, identify the shareholders' equity section of Fascom's balance sheet as of December 31, 2021. Assume net income is $510,000 for 2021.