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Make stockholders equity section of the balance sheet at dec

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Reference no: EM132751925

On January 1, 2019, Carlos Corporation had the following stockholders' equity account balances.

Common Stock, no par value (500,000 shares issued) $1,500,000

Common Stock Dividends Distributable 200,000

Retained Earnings 600,000

During 2019, the following transactions and events occurred.

1. Issued 50,000 shares of common stock as a result of 10% stock dividends declared on December5, 2018.

2. Issued 30,000 shares of common stock for cash at $6 per share.

3. Corrected an error that had understated the net income for 2017 by $70,000.

4. Declared and paid a cash dividend of $80,000.

5. Earned net income of $300,000.

Instructions:

Problem 1: Prepare the stockholders' equity section of the balance sheet at December 2019.

Reference no: EM132751925

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