P11-5 Preparing the Stockholders’ Equity Section after Selected Transactions (AP11-3) LO1, 3 Global Marine Company obtained a charter from the state in January 2009, which authorized 211,000 shares of common stock, $5 par value. During the first year, the company earned $38,400 and the following selected transactions occurred in the order given:
a. Sold 60,600 shares of the common stock in an initial public offering at $14 per share.
b. Repurchased 2,200 shares of the previously issued shares at $17 cash per share for treasury stock..
c. Resold 1,400 of the shares of the treasury stock at $20 cash per share.
Required:
Prepare the stockholders' equity section of the balance sheet at December 31, 2009. Amounts in parentheses do not require a minus sign in front of them. Omit the "$" sign in your response.
Stockholders' Equity
Contributed Capital:
Common stock $ 303,000 (17%)
Contributed capital in excess of par ______? (0%)
--------------------------------------…
Total contributed capital $ _____? (0%)
Retained Earnings ______? (0%)
Less: Treasury stock held ( _____? (0%))
--------------------------------------…
Total stockholder's equity $ _____? (0%)
--------------------------------------…
--------------------------------------…
PROBLEM 2, I am stuck, I tried taking the difference of par times shares and its not it. How do i figure this out?
retained earnings are 38,400
treasure stock held 13,600
how do i calculate contributed capital in excess par,
i tried 60,600 x14- 303000= not correct
a. Sold 60,600 shares of the common stock in an initial public offering at $14 per share.
b. Repurchased 2,200 shares of the previously issued shares at $17 cash per share for treasury stock..
c. Resold 1,400 of the shares of the treasury stock at $20 cash per share.
Required:
Prepare the stockholders' equity section of the balance sheet at December 31, 2009. Amounts in parentheses do not require a minus sign in front of them. Omit the "$" sign in your response.
Stockholders' Equity
Contributed Capital:
Common stock $ 303,000 (17%)
Contributed capital in excess of par ______? (0%)
--------------------------------------…
Total contributed capital $ _____? (0%)
Retained Earnings ______? (0%)
Less: Treasury stock held ( _____? (0%))
--------------------------------------…
Total stockholder's equity $ _____? (0%)
--------------------------------------…
--------------------------------------…
PROBLEM 2, I am stuck, I tried taking the difference of par times shares and its not it. How do i figure this out?
retained earnings are 38,400
treasure stock held 13,600
how do i calculate contributed capital in excess par,
i tried 60,600 x14- 303000= not correct