Part 3: Free Response – Stockholder’s Equity (15 Points) On…
Part 3: Free Response – Stockholder’s Equity (15 Points) On January 1, Boston Corporation had the following stockholder’s equity accounts. Years ago, the common stock was originally issued for $15 per share. Common stock; 70,000 shares at $3.00 par $ 210,000 Additional paid-in capital – Common stock 840,000 Retained earnings 570,000 Treasury stock; 6,100 shares at cost 140,300 During the current year, the Company had the following transactions related to its common stock: January 7: 2,100 shares of treasury stock were reissued at $29 per share. March 2: 30% stock dividend declared and distributed on outstanding shares when the market price per share was $31. April 28: The remaining 4,000 shares of treasury stock were retired. August 2: 2-for-1 stock split declared and distributed. September 15: Purchased 1,300 shares of treasury stock at $16 per share. Assume the Company reported no net income during the current year. Important Note regarding Grading: If you would like the opportunity to receive partial credit at the instructor’s discretion (strongly recommended), please email me at cindy.dosch@warrington.ufl.edu a picture or a scan of your work within 15 minutes of submitting your exam. Be sure to clearly label your work. The work must agree to the final answer originally submitted within Canvas to be eligible for partial credit. Required: (15 Points) Record your final answers to the requested items in the table immediately below. If required, round final answers to the nearest whole dollar. Item as of December 31, 2023 Your Answer (a) Common Stock account balance $ (b) Additional Paid-In Capital – Common Stock account balance $ (c) Retained Earnings account balance $ (d) Treasury Stock account balance $ (e) Number of shares outstanding shares