Reference no: EM132877421
Question - The JEM Company has been in operation for over 40 years and has 20,000 shares of $100 par-value common stock authorized, of which 12,000 shares have been issued. The market value of the stock throughout 2019 until late December, was $107.50 per share. On September 1, 2019, the Board of Directors declared a 20% (small) stock dividend, distributable in October. The accounts showed the following balances immediately prior to the declaration of the dividend:
Common stock $1,200,000
Additional contributed capital 90,000
Retained earnings (includes net income earned through August 31) 700,000
When distributed in October, the stock dividend included fractional share warrants for 600 shares. On December 15, 90% of the warrants were exercised; the remaining warrants were not exercised until 2020.
Given that The JEM Company reacquired 1,800 shares of its own stock for $106 per share on December 20, 2019, and that the company had no more net income for the period September through December, prepare the stockholders' equity section of the balance sheet of the JEM Co at December 31, 2019.
Please include all journal entries and calculations to show how to make the transition to the shareholders equity statement.
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