Worldwide Company obtained a charter from the state in January that authorized 200,000 shares of common stock, $10 par value. During the first year, the company earned $38,200, declared no dividends, and the following selected transactions occurred in the order given: Issued 60,000 shares of the common stock at $12 cash per share. Reacquired 2,000 shares at $15 cash per share from stockholders; the shares are now held in treasury. Reissued 1,000 of the shares in transaction (b) two months later at $18 cash per share. 3. Prepare the stockholders' equity section of the balance sheet at December 31. TIP: Because this is the first year of operations, Retained Earnings has a zero balance at the beginning of the year. (Amounts to be deducted should be indicated by a minus sign.)
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