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A company designs and produces a line of golf equipment and golf apparel. The company...

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Accounting

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A company designs and produces a line of golf equipment and golf apparel. The company has 100,000 shares of common stock outstanding as of the beginning of 2024 . The company has the following transactions affecting stockholders' equity in 2024. March 1 Issues 55,000 additional shares of $1 par value common stock for $52 per share. May 10 Purchases 5,000 shares of treasury stock for $55 per share. June 1 Declares a cash dividend of $1.50 per share to all stockhoiders of record on June 15 . (Hint: Dividends are not paid on treasury stock.) July 1 Pays the cash dividend declared on June 1. October 21 Resells 2,500 shares of treasury stock purchased on May 10 for $60 per share. The company has the following beginning balances in its stockholders' equity accounts on January 1, 2024: Common Stock, $100,000 Additional Paid-in Capital, $4,500,000; and Retained Earnings, $2,000,000. Net income for the year ended December 31, 2024, is $600,000. Required: Prepare the stockholders' equity section of the balance sheet for the company as of December 31, 2024. (Amounts to be deducted should be indicated by a minus sign.)

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