Reference no: EM133177388
Question - On January 1, 2022, Swifty Corporation had the following stockholders' equity balances.
Common Stock (412,000 shares issued) $1,648,000
Paid-in Capital in Excess of Par-Common Stock 510,000
Common Stock Dividends Distributable 164,800
Retained Earnings 586,000
During 2022, the following transactions and events occurred.
1. Issued 41,200 shares of $4 par value common stock as a result of 10% stock dividend declared on December 15, 2021.
2. Issued 34,000 shares of common stock for cash at $7 per share.
3. Purchased 25,500 shares of common stock for the treasury at $8 per share.
4. Declared and paid a cash dividend of $100,000.
5. Sold 8,200 shares of treasury stock for cash at $8 per share.
6. Earned net income of $309,000.
Required - Prepare a stockholders' equity statement for the year.
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