Common stock, $1 par, 260,000 shares issued Paid-in capital-excess of par, common Paid-in capital-excess of par, preferred Preferred stock, $100 par, 15,000 shares outstanding Retained earnings Treasury stock, at cost, 6,000 shares 260,000 520,000 150,000 1,500,000 3,000,000 30,000 During 2021, Fascom Inc. had several transactions relating to common stock. 15: Declared a property dividend of 100,000 shares of Slowdown Company (book value $11.0 per share, fair value $9.50 per share). January February 17: Distributed the property dividend. April 10: A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the £orm of a stock dividend. (Fascom chose to reduce Paid-in capital-excess of par.) The fair value of the stock was $4 on this date. 18: Declared and distributed a 38 stock dividend on outstanding common stock. The fair value is $5 per share. 1: Declared a 50 cents per share cash dividend on the outstanding common shares. July December December 20: Paid the cash dividend. Required: Without preparing journal entries, prepare the shareholders' equity section of Fascom's balance sheet as of December 31, 2021. Assume net income is $600,000 for 2021. (Negative amounts should be entered with a minus sign.)
Common stock, $1 par, 260,000 shares issued Paid-in capital-excess of par, common Paid-in capital-excess of par, preferred Preferred stock, $100 par, 15,000 shares outstanding Retained earnings Treasury stock, at cost, 6,000 shares 260,000 520,000 150,000 1,500,000 3,000,000 30,000 During 2021, Fascom Inc. had several transactions relating to common stock. 15: Declared a property dividend of 100,000 shares of Slowdown Company (book value $11.0 per share, fair value $9.50 per share). January February 17: Distributed the property dividend. April 10: A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the £orm of a stock dividend. (Fascom chose to reduce Paid-in capital-excess of par.) The fair value of the stock was $4 on this date. 18: Declared and distributed a 38 stock dividend on outstanding common stock. The fair value is $5 per share. 1: Declared a 50 cents per share cash dividend on the outstanding common shares. July December December 20: Paid the cash dividend. Required: Without preparing journal entries, prepare the shareholders' equity section of Fascom's balance sheet as of December 31, 2021. Assume net income is $600,000 for 2021. (Negative amounts should be entered with a minus sign.)
Chapter1: Financial Statements And Business Decisions
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Common stock, $1 par, 260,000 shares issued
Paid-in capital-excess of par, common
Paid-in capital-excess of par, preferred
Preferred stock, $100 par, 15,000 shares outstanding
Retained earnings
Treasury stock, at cost, 6,000 shares
260,000
520,000
150,000
1,500,000
3,000,000
30,000
During 2021, Fascom Inc. had several transactions relating to common stock.
15: Declared a property dividend of 100,000 shares of Slowdown Company (book value $11.0 per share, fair value
$9.50 per share).
January
February 17: Distributed the property dividend.
April
10 A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of
a stock dividend. (Fascom chose to reduce Paid-in capital-excess of par.) The fair value of the stock was
$4 on this date.
18: Declared and distributed a 3% stock dividend on outstanding common stock. The fair value is $5 per share.
1: Declared a 50 cents per share cash dividend on the outstanding common shares.
July
December
December 20: Paid the cash dividend.
Required:
Without preparing journal entries, prepare the shareholders' equity section of Fascom's balance sheet as of December 31, 2021.
Assume net income is $600,000 for 2021. (Negative amounts should be entered with a minus sign.)
FASCOM
Balance Sheet (Partial)
December 31, 2021
Shareholders' equity
37 of 39
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