On January 1, 2015, Goodhue Inc. had the following stockholders' equity balances.
Common Stock (400,000 shares issued) ................................. $800,000
Paid-in Capital in Excess of Par-Common Stock ..................... 500,000
Common Stock Dividends Distributable................................. 120,000
Retained Earnings ........................................................... 600,000
During 2015, the following transactions and events occurred.
1. Issued 60,000 shares of $2 par value common stock as a result of 15% stock dividend declared on December 15, 2014.
2. Issued 30,000 shares of common stock for cash at $4 per share.
3. Purchased 25,000 shares of common stock for the treasury at $5 per share.
4. Declared and paid a cash dividend of $111,000.
5. Sold 8,000 shares of treasury stock for cash at $5 per share.
6. Earned net income of $360,000.
Instructions
Prepare a stockholders' equity statement for the year.