2024 – The stockholders u2019 equity accounts of Ashley Corporation on January 1 2012 were as
Accounting Question – 2024
The stockholders%u2019 equity accounts of Ashley Corporation on January 1, 2012, were as follows.
| Preferred Stock (8%, $49 par, cumulative, 10,300 shares authorized) | $ 377,300 | |
| Common Stock ($1 stated value, 2,083,500 shares authorized) | 1,345,400 | |
| Paid-in Capital in Excess of Par%u2014Preferred Stock | 102,600 | |
| Paid-in Capital in Excess of Stated Value%u2014Common Stock | 1,435,300 | |
| Retained Earnings | 1,780,500 | |
| Treasury Stock (10,800 common shares) | 43,200 |
During 2012, the corporation had the following transactions and events pertaining to its stockholders%u2019 equity.
| Feb. 1 | Issued 24,600 shares of common stock for $121,900. | |
| Apr. 14 | Sold 5,700 shares of treasury stock%u2014common for $32,700. | |
| Sept. 3 | Issued 4,700 shares of common stock for a patent valued at $34,400. | |
| Nov. 10 | Purchased 1,100 shares of common stock for the treasury at a cost of $5,900. | |
| Dec. 31 | Determined that net income for the year was $401,300. |
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