Madison Company’s stockholders’ equity balance on January 1,…
Madison Company’s stockholders’ equity balance on January 1, 2025 was $300,000. During January, Madison had the following transactions for the month of January: Performed services for $50,000 in cash. Paid rent for the month of January of $3,000. Issued 10 shares of stock for $20,000 in cash. Purchased inventory of $8,000 on account. What was Madison’s ending stockholders’ equity balance as of January 31, 2025?