Reference no: EM132469938
Problem - On January 1, 2018, Fenkel Corporation reported the following in the stockholders' equity section of their balance sheet:
Common stock, par $5, authorized 900,000 shares, issued 200,000 shares $1,000,000
Capital in excess of par value $600,000
Retained earnings $2,385,000
During 2018, the following selected transactions occurred (assume they occurred in the order given):
1. 20,000 shares of treasury stock were purchased at $13.00 per share.
2. Issued a 15% stock dividend when the market price was $12.00.
3. Declared and paid a cash dividend of $240,000.
4. Net income was $704,000.
Required - Prepare the stockholders' equity section of the balance sheet as of December 31, 2018.
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