Stockholders Equity Section of Balance Sheet The following a

Stockholders\' Equity Section of Balance Sheet

The following accounts and their balances appear in the ledger of Goodale Properties Inc. on June 30 of the current year:

Prepare the Stockholders’ Equity section of the balance sheet as of June 30 using Method 1 of Exhibit 8. Eighty thousand shares of common stock are authorized, and 865 shares have been reacquired.

Common Stock, $15 par	$796,500
Paid-In Capital from Sale of Treasury Stock	32,700
Paid-In Capital in Excess of Par—Common Stock	21,240
Retained Earnings	1,250,000
Treasury Stock	16,435

Solution

Goodale Properties Inc. Stockholders\' Equity June 30, 20XX Paid-In Capital: Common Stock, $45 Par (80,000 Shares Authorized, 17,700 Shares Issued) $796,500 Excess over par Paid-in capital, common stock $21,240 From Sale of Treasury Stock $32,700 Total Paid-In Capital $850,440 Retained Earnings $1,250,000 Total $2,100,440 Treasury Stock (865 Shares at Cost) -$16,435 Total Stockholders\' Equity $2,084,005