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  3. transcribed: ming corp. completed the following tr

Transcribed: Ming Corp. completed the following transactions during 2018: Issued 2,000 shares of $10 par...

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Accounting

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Transcribed:

Ming Corp. completed the following transactions during 2018:

Issued 2,000 shares of $10 par common stock for $16 per share.

Repurchased 500 shares of its own common stock for $18 per share.

Resold 120 shares of treasury stock for $20 per share.

Earned $85,000 of cash revenue.

Paid $42,000 of cash operating expenses.

Required

Prepare the stockholders equity section of the year-end balance sheet.

The following information pertains to Ming Corp. at January 1, 2018: Common stock, $10 par, 50,000 shares authorized, 3,000 shares issued and outstanding Paid-in capital in excess of par, common stock Retained earnings $30,000 12,000 46,000 Ming Corp. completed the following transactions during 2018: 1. Issued 2,000 shares of $10 par common stock for $16 per share. 2. Repurchased 500 shares of its own common stock for $18 per share. 3. Resold 120 shares of treasury stock for $20 per share. 4. Earned $85,000 of cash revenue. 5. Paid $42,000 of cash operating expenses Required Prepare the stockholders' equity section of the year-end balance sheet. MING CORPORATION Balance Sheet (Partial) As of December 31, 2018 Stockholders' Equity Total paid-in capital Total stockholders' equity

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