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  3. on january 1, 2022, skysong, inc. had the followin

On January 1, 2022, Skysong, Inc. had the following stockholders' equity balances. ...

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Accounting

On January 1, 2022, Skysong, Inc. had the following stockholders' equity balances.

Common Stock (532,000 shares issued)

 $2,128,000

Paid-in Capital in Excess of Par-Common Stock

 540,000

Common Stock Dividends Distributable

 319,200

Retained Earnings

 577,000

During 2022, the following transactions and events occurred.

1. Issued 79,800 shares of $4 par value common stock as a result of 15% stock dividend declared on December 15, 2021.
2. Issued 31,500 shares of common stock for cash at $6 per share.
3. Purchased 21,500 shares of common stock for the treasury at $7 per share.
4. Declared and paid a cash dividend of $118,000.
5. Sold 8,200 shares of treasury stock for cash at $7 per share.
6. Earned net income of $342,000.

Prepare a stockholders' equity statement for the year. (If an amount reduces the account balance then enter with negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

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