Solution-Prepare stockholders equity section for fetcher

Prepare stockholders equity section for fetcher corporation

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Reference no: EM132937285

Fetcher Corporation had the following stockholders' equity accounts on January 1, 2020: Common Stock ($5 par) $500,000, Paid-in Capital in Excess of Par-Common Stock $200,000, and Retained Earnings $100,000. In 2020, the company had the following treasury stock transactions.

Mar.1 Purchased 5,000 shares at $8 per share.

June1 Sold 1,000 shares at $12 per share.

Sept.1 Sold 2,000 shares at $10 per share.

Dec.1 Sold 1,000 shares at $7 per share.

Problem 1: Fetcher Corporation uses the cost method of accounting for treasury stock. In 2020, the company reported net income of $30,000. Prepare the stockholders' equity section for Fetcher Corporation at December 31, 2020.

Reference no: EM132937285

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Prepare stockholders equity section for fetcher corporation

Reference no: EM132937285

Reference no: EM132937285

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