(Solution) - On January 1 2014 Goodhue Inc had the following stockholders -(2025 Original AI-Free Solution)

Paper Details

On January 1, 2014, Goodhue Inc. had the following stockholders? equity balances.
Common Stock (400,000 shares issued) .......... $800,000
Paid-in Capital in Excess of Par?Common Stock ...... 500,000
Common Stock Dividends Distributable .......... 120,000
Retained Earnings ................... 600,000
During 2014, the following transactions and events occurred.
1. Issued 60,000 shares of $2 par value common stock as a result of 15% stock dividend declared on December 15, 2013.
2. Issued 30,000 shares of common stock for cash at $4 per share.
3. Purchased 25,000 shares of common stock for the treasury at $5 per share.
4. Declared and paid a cash dividend of $111,000.
5. Sold 8,000 shares of treasury stock for cash at $5 per share.
6. Earned net income of $360,000.

Instructions
Prepare a stockholders? equity statement for the year.