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What is the amount of stockholders equity

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Question - Lohman Inc was organized on January 3, 2017, with authorized capital of 100,000 shares of $ 10 par common stock. During 2017, Lohman had the following transactions affecting stockholder's equity:

January 7 - Issued 40,000 shares at $ 12 per share

December 2 - Purchased 6000 shares of treasury stock at $ 13 per share

The cost method was used to record the treasury stock transaction. Lohman's net income for 2017 is $ 300,000. What is the amount of stockholder's equity at December 31, 2017?

Reference no: EM131613833

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