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Prepare the stockholders equity section of the balance sheet

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Question - Yates Corporation has the following stockholders' equity accounts on January 1, 2018:

Common Stock, $10 par value .......................................... $1,500,000

Paid-in capital in Excess of Par........................................... 200,000

Retained Earnings............................................................... 500,000

Total Stockholders' Equity account.................................$2,200,000

The company uses the cost method to account for treasury stock transactions. During 2018, the following treasury stock transactions occurred:

April 1 Purchased 10,000 shares at $19 per share.

August 1 Sold 4,000 shares at $22 per share.

October 1 Sold 2,000 shares at $15 per share.

Prepare the Stockholders' equity section of the balance sheet for Yates Corporation at December 31, 2018. Assume net income was $110,000 for 2018.

Reference no: EM131756550

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