Market price of outstanding shares on december 31 was 25

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Reference no: EM13472684

A corporation was formed on January 1 and was authorized to issue 400,000 shares of common stock at $2 par value. During the first year of operations, the company earned $325,000 and the following transactions occurred:

Sold 150,000 shares of common stock in an initial public offering of $15 per share

Repurchased 35,000 shares of previously common stock at $20 to be held as treasury shares.

Resold 5,000 of the treasury stock at $22 per share.

Market price of the outstanding shares on December 31 was $25

Required:

Prepare the stockholders' equity section of the balance sheet at December 31 of the first year.

Reference no: EM13472684

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