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What should it report as total stockholders equity

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Reference no: EM132813844

Question - Presented below is the stockholders' equity section of Kelleher Corporation at December 31, 2018:

Common stock, par value $20; authorized 75,000 shares; issued and outstanding 45,000 shares $900,000

Paid-in capital in excess of par value 350,000

Retained earnings 300,000

$1,550,000

During 2019, the following transactions occurred relating to stockholders' equity:

3,000 shares were reacquired at $28 per share.

3,000 shares were reacquired at $35 per share.

1,800 shares of treasury stock were sold at $30 per share.

For the year ended December 31, 2019, Kelleher reported net income of $450,000. Assuming Kelleher accounts for treasury stock under the cost method, what should it report as total stockholders' equity on its December 31, 2019, balance sheet?

Reference no: EM132813844

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