United Resources Company obtained a charter from the state in January of this year. The...
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United Resources Company obtained a charter from the state in January of this year. The charter authorized 206,000 shares of common stock with a par value of $2. During the year, the company earned $476,000. Also during the year, the following selected transactions occurred in the order given: a. Sold 85,000 shares of the common stock in an initial public offering for $19 per share. b. Repurchased 27,000 shares of the previously issued shares for $22 per share and is holding them as treasury stock. c. Resold 10,000 shares of treasury stock for $25 per share. Required: Prepare the stockholders' equity section of the balance sheet at the end of the year. Note: Amounts to be deducted should be indicated with a minus sign. UNITED RESOURCES COMPANY Balance Sheet (Partial) At December 31, This year Stockholders' equity: Contributed capital: \begin{tabular}{|l|l|l|} \hline Contributed capital. & & \\ \hline Cash & & \\ \hline Total contributed capital & & \\ \hline & & $ \\ \hline & & \\ \hline Total stockholders' equity & & \\ \hline \end{tabular}
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