United Resources Company obtained a charter from the state in January of this year. The charter authorized 203,000 shares of common stock with a par value of $2. During the year, the company earned $476,000 Also during the year, the following selected transactions occurred in the order given:
a. Sold 90,000 shares of the common stock in an initial public offering at $17 cash per share.
b. Repurchased 24,000 shares of the previously issued shares at $20 cash per share.
c. Resold 11,000 of the shares of the treasury stock at $23 cash per share.
Required:
Prepare the stockholders' equity section of the balance sheet at the end of the yea
United Resources Company obtained a charter from the state in January of this year. The charter authorized 203,000 shares of common stock with a par value of $2. During the year, the company earned $476,000 Also during the year, the following selected transactions occurred in the order given:
a. Sold 90,000 shares of the common stock in an initial public offering at $17 cash per share.
b. Repurchased 24,000 shares of the previously issued shares at $20 cash per share.
c. Resold 11,000 of the shares of the treasury stock at $23 cash per share.
Required:
Prepare the stockholders' equity section of the balance sheet at the end of the yea
Related questions
P11-5 Preparing the Stockholders Equity Section after SelectedTransactions LO11-1, 11-3
United Resources Company obtained a charter from the state inJanuary 2014, which authorized 207,000 shares of common stock, $1par value. During the first year, the company earned $489,000 andthe following selected transactions occurred in the ordergiven: |
| a. | Sold 80,000 shares of the commonstock in an initial public offering at $19 per share. |
| b. | Repurchased 22,000 shares of thepreviously issued shares at $22 cash per share for treasurystock. |
| c. | Resold 7,000 of the shares ofthe treasury stock at $25 cash per share. |
| Required: |
Prepare the stockholdersâ equity section of the balance sheet atDecember 31, 2014. (Amounts to be deducted should beindicated with a minus sign.) |
