Carter Corporation reports the following information in its January 1, Year XXX1, balance sheet: Stockholders’ equity Common stock, $10 par value, 50,000 shares authorized, 30,000 shares issued and outstanding $300,000
Paid-in-capital in excess of par value 150,000
Retained earnings 100,000
Total Stockholders’ equity $550,000
During the Year XXX1, Carter was affected by the following accounting events:
(i) Purchased 1,000 shares of treasury stock at $20 per share
(ii) Reissued 600 shares of treasury stock at $22 per share
(iii) Earned $64,000 of cash service revenues.
(iv) Paid $38,000 of cash operating expenses Required:
Prepare the stockholders’ equity section of the year-end balance sheet as of December 31, Year XXX1.