Question

1. 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	$702,000
   Paid-In Capital from Sale of Treasury Stock	28,800
   Paid-In Capital in Excess of Par—Common Stock	18,720
   Retained Earnings	1,102,000
   Treasury Stock	14,535

   Prepare the Stockholders’ Equity section of the balance sheet as of June 30 using Method 1 of Exhibit 8. Eighty thousand shares of The stock outstanding when a corporation has issued only one class of stock.common stock are authorized, and 765 shares have been reacquired.

   Goodale Properties Inc.
   Stockholders' Equity
   June 30, 20XX
   Paid-In Capital:
   Deduct Treasury Stock (765 Shares at Cost) Cash Common Stock, $45 Par (80,000 Shares Authorized, 15,600 Shares Issued) From Sale of Treasury Stock Retained Earnings	$
   Cash Common stock, $45 par (80,000 shares authorized, 68,000 shares issued) Excess over par Treasury Stock (765 Shares at Cost) Retained Earnings
   Cash Excess over par Paid-in capital, common stock Treasury Stock (765 Shares at Cost) Retained Earnings		$
   Cash Common stock, $45 par (80,000 shares authorized, 68,000 shares issued) From Sale of Treasury Stock Retained Earnings Treasury Stock (765 Shares at Cost)
   Total Paid-In Capital		$
   Common stock, $45 par (80,000 shares authorized, 68,000 shares issued) Excess over par From Sale of Treasury Stock Retained Earnings Treasury Stock (765 Shares at Cost)
   Total		$
   Common stock, $45 par (80,000 shares authorized, 68,000 shares issued) Excess over par Retained Earnings Treasury Stock (765 Shares at Cost)
   Total Stockholders' Equity			$

Answer 1

Prepare the Stockholders’ Equity section of the balance sheet as of June 30 using Method 1 of Exhibit 8. Eighty thousand shares of The stock outstanding when a corporation has issued only one class of stock.common stock are authorized, and 765 shares have been reacquired.

Goodale Properties Inc.
Stockholders' Equity
June 30, 20XX
Paid-In Capital:
Common Stock, $45 Par (80,000 Shares Authorized, 15,600 Shares Issued	$702000
Excess over par	18720
Paid-in capital, common stock		$720720
From Sale of Treasury Stock		28800
Total Paid-In Capital		$749520
Retained Earnings		1102000
Total		$1851520
Treasury Stock (765 Shares at Cost)		-14535
Total Stockholders' Equity			$1836985