United Resources Company obtained a charter from the state in January of this year. The...
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Accounting
United Resources Company obtained a charter from the state in January of this year. The charter authorized 200,000 shares of common stock with a par value of $1. During the year, the company earned $590,000. Also during the year, the following selected transactions occurred in the order given:
a. Sold 100,000 shares of the common stock in an initial public offering at $12 cash per share.
b. Repurchased 20,000 shares of the previously issued shares at $15 cash per share.
c. Resold 5,000 of the shares of the treasury stock at $18 cash per share.
Required:
Prepare the stockholders equity section of the balance sheet at the end of the year. (Amounts to be deducted should be indicated with a minus sign.)
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