On January 1 2014 Kessler Inc had these stockholders equity

On January 1, 2014, Kessler Inc. had these stockholders’ equity balances. Common Stock, $1 par (2,555,100 shares authorized, 627,700 shares issued and outstanding) $627,700 Paid-in Capital in Excess of Par Value 1,550,100 Retained Earnings 693,400 During 2014, the following transactions and events occurred. 1. Issued 45,700 shares of $1 par value common stock for $2 per share. 2. Issued 61,500 shares of common stock for cash at $6 per share. 3. Purchased 15,300 shares of common stock for the treasury at $3.40 per share. 4. Declared and paid a cash dividend of $180,200. 5. Earned net income of $393,600. Prepare the stockholders’ equity section of the balance sheet at December 31, 2014. KESSLER INC. Partial Balance Sheet December 31, 2014 Entry field with correct answer Entry field with correct answer Entry field with incorrect answer $Entry field with incorrect answer Entry field with correct answer Entry field with incorrect answer Entry field with incorrect answer Entry field with correct answer Entry field with incorrect answer Entry field with correct answer Entry field with incorrect answer Entry field with correct answer Entry field with incorrect answer Entry field with correct answer: Entry field with correct answer Entry field with incorrect answer Entry field with correct answer $Entry field with incorrect answer

Solution

Kessler Inc Stockholders Equity Section Par Value $1 Additional in Paid in excess of par -Common Equity A   Comon Equity ($1 par , 2555100 authorised, 627700 issued)- Opening balance Jan 12014.              627,700        1,550,100 Add: Issue of 45700 shares @$2                  45,700              45,700 Add: Issue of 61500 shares @$6                61,500            307,500 Ending Balance                734,900        1,903,300 B Retained Earning Opening Balance Jan 1.2014.              693,400 Less Cash dividend paid            (180,200) Add Net Income 2014.              393,600 Ending Balance Retained Earning              906,800 Kessler Inc Balance Sheet (partial) as on Dec31.2014. Details Amt $ Stockholders Equity   Comon Equity ($1 par , 2555100 authorised, 734900 issued)              734,900 Additional in Paid in excess of par -Common Equity          1,903,300 Retaimed Earning              906,800 Treasury Stock (15300 shares @$3.4)              (52,020) Total Stockholders\'Equity          2,758,080