E UTC Learn Student Reso Chapter 11 MaterialsS X WileyPLUS

E UTC Learn Student Reso ? Chapter 11 Materials-S X WileyPLUS ohn- KCSecure https://edugen.wileyplus.com/edugen/lti/main.uni Kimmel, Accounting, 6e PRINTER VERSION BACK NEXT Problem 11-6A Your answer is partially correct. Try again. On January 1, 2017, Kingbird, Inc. had these stockholders\' equity balances. Common Stock, $1 par (3,000,000 shares authonized, 640,000 shares issued and outstanding) Paid-in Copital in Excess of Por Value Retained Earnings Accumulated Other Comprehensive Income $640,000 1,580,000 683,000 62,000 During 2017, the following transactions and events occurred. Issued 51,500 shares of?1 par value common stock for $5 per share. 2. Issued 56,500 shares of common stock for cash at $6 per share. 3. Purchased 14,100 shares of common stock for the treasury at $3.70 per share. 4. Dedared and paid a cash dividend of $217,000. S. Earned net income of $438,000. 6. Had other comprehensive income of $17,000. Prepare the stockholders\' equity section of the balance sheet at December 31, 2017 K?NGB?RDINC. Partial Balance Sheet , tal Stock Common Stock 691500 Additional Paid-in Capital 6:38 PM 6/19/2018

Solution

Stockholder\'s equity section :

Contributed capital
paid in capital
Common Stock	748000
Additional paid in capital
Paid in capital in excess of par value-Common Stock	2068500
Total paid in capital	2816500
Retained earnings	904000
Total	3720500
Accumlated other comprehensive income	79000
Less; Treasury stock	-52170
Total Stockholder\'s equity	3747330