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Corrected an error that had understated the net income

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Reference no: EM131134572

On January 1, 2010, Yadier Inc. had the following stockholders' equity account balances.

Common Stock, no-par value (500,000 shares issued) .... $1,500,000
Common Stock Dividends Distributable ......... 200,000
Retained Earnings .................. 600,000

During 2010, the following transactions and events occurred.

1. Issued 50,000 shares of common stock as a result of a 10% stock dividend declared on
December 15, 2009.

2. Issued 30,000 shares of common stock for cash at $6 per share.

3. Corrected an error that had understated the net income for 2008 by $70,000.

4. Declared and paid a cash dividend of $80,000.

5. Earned net income of $300,000.

Instructions

Prepare the stockholders' equity section of the balance sheet at December 31, 2010.

Reference no: EM131134572

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