Sosa Companys stockholders' equity at January 1, 2020 is as follows: Common stock,...
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Accounting
Sosa Companys stockholders' equity at January 1, 2020 is as follows:
Common stock, $10 par; issued and outstanding 225,000 shares: $2,250,000
Paid-in capital excess of par: $900,000
Retained earnings: $2,190,000
During 2020, Sosa had the following stock transactions:
1. Acquired 6,000 shares of its stock for $270,000.
2. Sold 3,600 treasury shares at $50 a share.
3. Sold the remaining treasury shares at $41 per share.
No other stock transactions occurred during 2020. Sosa reported net income of $540,000 and declared dividends of $60,000 for 2020. What is the stockholders equity balance at December 31, 2020?
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