On January 1, 2014, Ferris Inc. had these stockholders’ equity balances.Common Stock, $5 par…

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On January 1, 2014, Ferris Inc. had these stockholders’ equity balances.Common Stock, $5 par (2,000,000 shares authorized600, 000shares issued and outstanding) ……………….$3,000,000Paid-in Capital in Excess of Par Value………………1,800,000Retained Earnings……………………….810, 000During 2014, the following transactions and events occurred. 1. Issued 75,000 shares of $5 par value common stock for $9 per share. 2. Issued 60,000 shares of common stock for cash at $9.50 per share. 3. Purchased 25,000 shares of common stock for the treasury at $10 per share. 4. Declared and paid a cash dividend of $284,000. 5. Earned net income of $860,000.InstructionsPrepare the stockholders’ equity section of the balance sheet at December 31, 2014.View Solution:
On January 1 2014 Ferris Inc had these stockholders equity