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20 October, 23:18

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: Common Stock, $15 par $594,000 Paid-In Capital from Sale of Treasury Stock 24,400 Paid-In Capital in Excess of Par-Common Stock 15,840 Retained Earnings 932,000 Treasury Stock 12,255 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 645 shares have been reacquired. Goodale Properties Inc. Stockholders' Equity June 30, 20XX

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  1. 21 October, 01:08
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    The preparation is shown below:

    Explanation:

    Goodale Properties Inc.

    Stockholders' Equity

    June 30, 20XX

    Common Stock, $15 par (80,000 shares authorized, 39,600 shares issued) $594,000

    Add: Paid-In Capital in Excess of Par-Common Stock $ 15,840

    Add: From sale of Treasury stock $24,400

    Total Paid-In Capital $634,240

    Add: Retained earnings $932,000

    Total $1,566,240

    Deduct: Treasury Stock - $12,255

    Total Stockholders' Equity $1,553,985

    The treasury stock purchased is only deducted and the other items would be added so that the correct value could arrive
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