On January 1, 2021, Fascom had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 254,000 shares issued $ 254,000 Paid-in capital–excess of par, common 508,000 Paid-in capital–excess of par, preferred 120,000 Preferred stock, $100 par, 12,000 shares outstanding 1,200,000 Retained earnings 2,400,000 Treasury stock, at cost, 5,400 shares 27,000 During 2021, Fascom Inc. had several transactions relating to common stock: January 15: Declared a property dividend of 100,000 shares of Slowdown Company (book value $10.4 per share, fair value $9.20 per share). February 17: Distributed the property dividend. April 10: A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. (Fascom chose to reduce Paid-in capital—excess of par.) The fair value of the stock was $4 on this date. July 18: Declared and distributed a 4% stock dividend on outstanding common stock. The fair value is $5 per share. December 1: Declared a 50 cents per share cash dividend on the outstanding common shares. December 20: Paid the cash dividend. Required: Without preparing journal entries, prepare the shareholders' equity section of Fascom's balance sheet as of December 31, 2021. Assume net income is $540,000 for 2021. (Negative amounts should be entered with a minus sign.)
On January 1, 2021, Fascom had the following account balances in its shareholders' equity accounts.
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Common stock, $1 par, 254,000 shares issued |
$ |
254,000 |
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Paid-in capital–excess of par, common |
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508,000 |
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Paid-in capital–excess of par, preferred |
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120,000 |
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1,200,000 |
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2,400,000 |
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27,000 |
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During 2021, Fascom Inc. had several transactions relating to common stock:
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January 15: |
Declared a property dividend of 100,000 shares of Slowdown Company (book value $10.4 per share, fair value $9.20 per share). |
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February 17: |
Distributed the property dividend. |
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April 10: |
A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. (Fascom chose to reduce Paid-in capital—excess of par.) The fair value of the stock was $4 on this date. |
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July 18: |
Declared and distributed a 4% stock dividend on outstanding common stock. The fair value is $5 per share. |
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December 1: |
Declared a 50 cents per share cash dividend on the outstanding common shares. |
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December 20: |
Paid the cash dividend. |
Required:
Without preparing
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