On January 1, 2022, Kimbel Inc. had these stockholders’ equity balances.
Common Stock, $1 par (2,000,000 shares authorized,
600,000 shares issued and outstanding)…………………$ 600,000
Paid-in Capital in Excess of Par Value…………………1,500,000
Retained Earnings…………………700,000
Accumulated Other Comprehensive Income…………………60,000
During 2022, the following transactions and events occurred.
1. Issued 50,000 shares of $1 for $3 per share.
2. Issued 60,000 shares of for cash at $4 per share.
3. Purchased 20,000 shares of for the treasury at $3.80 per share. 4. Declared and paid a cash of $207,000.
5. Earned net income of $410,000.
6. Had other comprehensive income of $17,000.
Instructions
Prepare the stockholders’ equity section of the at December 31, 2022.
