Brief Exercise 13-4
Week 4
Brief Exercise 13-4
On June 1, Noonan Inc. issues 4,000 shares of no-par common stock at a cash price of $6 per share. Journalize the issuance of the shares assuming the stock has a stated value of $1 per share. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Cash = Issues shares x cash price = 4,000 x 6 = 24,000
Common Stock = Issues shares x stated value = 4,000 x 1 = 4,000
Paid-in Capital in Excess of Stated Value—Common Stock = 4,000 x 5(6-1) = 20,000
| Account titles and explanation | Debt | Credit |
| Cash | 24,000 | |
| Common Stock | 4,000 | |
| Paid-in Capital in Excess of Stated Value—Common Stock | 20,000 |
Brief Exercise 13-7
Garb Inc. issues 5,000 shares of $100 par value preferred stock for cash at $130 per share. Journalize the issuance of the preferred stock. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Cash =5,000 x 130 = 650,000
Preferred stock =5,000 x 100 = 500,000
Paid-in Capital in Excess of Par—Preferred Stock =5,000 x 30(130-100) = 150,000
| Account titles and explanation | Debt | Credit |
| Cash | 650,000 | |
| Common Stock | 500,000 | |
| Paid-in Capital in Excess of Par-Preferred Stock | 150,000 |
Brief Exercise 13-8
Pine Corporation has the following accounts at December 31: Common Stock, $10 par, 5,000 shares issued, $50,000; Paid-in Capital in Excess of Par—Common Stock $30,000; Retained Earnings $45,000; and Treasury Stock, 500 shares, $11,000.
Prepare the stockholders’ equity section of the balance sheet. (Enter the account name only and do not provide the descriptive information provided in the question.)
Common stock, $10 par value, 5,000 shares issued and 4,500 shares outstanding = 5000 x 10 = 50,000
Treasury stock (500 common shares) = 11,000
| Pine Corporation balance sheet December 31 | ||
| Stockholders’ equity | ||
| Paid-in Capital | ||
| Capital Stock | ||
| Common Stock | 50,000 | |
| Additional Paid-in Stock | ||
| Paid-in Capital in Excess of Par—Common Stock | 30,000 | |
| Total paid in Capital = 50,000 + 30,000 = | 80,000 | |
| Retained Earnings | 4,500 | |
| Total paid in Capital and Retained Earnings = 80,000 + 45,000(4,500 x 10) = | 125,000 | |
| Less | Treasury Stock | 11,000? |
| Total Stockholders’ equity = 125,000 -11,000 = | 114,000 | |
Exercise 13-2
Andrea has prepared the following list of statements about corporations.Identify each statement as true or false.
1. Corporation management is both an advantage and a disadvantage of a corporation compared to a proprietorship or a partnership. True
2. Limited liability of stockholders, government regulations, and additional taxes are the major disadvantages of a corporation. False
3. When a corporation is formed, organization costs are recorded as an asset. = False
4. Each share of common stock gives the stockholder the ownership rights to vote at stockholder meetings, share in corporate earnings, keep the same percentage ownership when new shares of stock are issued, and share in assets upon liquidation. True
5. The number of issued shares is always greater than or equal to the number of authorized shares. False
6. A journal entry is required for the authorization of capital stock. False
7. Publicly held corporations usually issue stock directly to investors. False
8. The trading of capital stock on a securities exchange involves the transfer of already issued shares from an existing stockholder to another investor. True
9. The market price of common stock is usually the same as its par value. False
10. Retained earnings are the total amount of cash and other assets paid in to the corporation by stockholders in exchange for capital stock. False
Exercise 13-4
Osage Corporation issued 2,000 shares of stock. Prepare the entry for the issuance under the following assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
a) The stock had a par value of $5 per share and was issued for a total of $52,000.
b) The stock had a stated value of $5 per share and was issued for a total of $52,000.
c) The stock had no par or stated value and was issued for a total of $52,000.
d) The stock had a par value of $5 per share and was issued to attorneys for services during incorporation valued at $52,000.
e) The stock had a par value of $5 per share and was issued for land worth $52,000.
Common Stock = 2,000 x 5 = 10,000
a)
| Account titles and explanation | Debt | Credit |
| Cash | 52,000 | |
| Common Stock | 10,000 | |
| Paid-in Capital in Excess of Par-Common Stock = 52,00 – 10,000 = | 42,000 |
b)
| Account titles and explanation | Debt | Credit |
| Cash | 52,000 | |
| Common Stock | 10,000 | |
| Paid-in Capital in Excess of Stated Value-Common Stock = 52,00 – 10,000 = | 42,000 |
c)
| Account titles and explanation | Debt | Credit |
| Cash | 52,000 | |
| Common Stock | 52,000 |
d)
| Account titles and explanation | Debt | Credit |
| Organization Expense | 52,000 | |
| Common Stock | 10,000 | |
| Paid-in Capital in Excess of Stated Value-Common Stock = 52,00 – 10,000 = | 42,000 |
e)
| Account titles and explanation | Debt | Credit |
| Land | 52,000 | |
| Common Stock | 10,000 | |
| Paid-in Capital in Excess of Stated Value-Common Stock = 52,00 – 10,000 = | 42,000 |
Exercise 13-7 (Part level Submission
On January 1, 2014, the stockholders’ equity section of Newlin Corporation shows common stock ($5 par value) $1,500,000; paid-in capital in excess of par $1,000,000; and retained earnings $1,200,000. During the year, the following treasury stock transactions occurred.
Mar. 1 Purchased 50,000 shares for cash at $15 per share.
July. 1 Sold 10,000 treasury shares for cash at $17 per share.
Sept.1 Sold 8,000 treasury shares for cash at $14 per share.
a) Journalize the treasury stock transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Mar. 1
| Account titles and explanation | Debt | Credit |
| Treasury Stock | 750,000 | |
| Cash | 750,000 |
Treasury Stock = 50,000 ×15 =750,000
July. 1
| Account titles and explanation | Debt | Credit |
| Cash | 170,000 | |
| Treasury Stock | 150,000 | |
| Paid-in Capital from Treasury Stock | 20,000 |
Cash = 10,000 × 17 = 170,000
Treasury Stock =10,000 × 15 = 150,000
Paid-in Capital from Treasury Stock =10,000 × 2 = 20,000
Sept.1
| Account titles and explanation | Debt | Credit |
| Cash | 112,000 | |
| Paid-in Capital from Treasury Stock | 8,000 | |
| Treasury Stock | 120,000 |
Cash = 8,000 × 14 =112,000
Treasury Stock =8,000 × 15= 120,000
Paid-in Capital from Treasury Stock =8,000 × 1= 8,000
b) Restate the entry for September 1, assuming the treasury shares were sold at $12 per share. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Sept.1
| Account titles and explanation | Debt | Credit |
| Cash | 96000 | |
| Paid-in Capital from Treasury Stock | 20,000 | |
| Retained Earnings | 4,000 | |
| Treasury Stock | 120000 |
Cash = 8,000 × 12 =96000
Treasury Stock =8,000 × 15= 120,000
Problem 13-1A (Part level Submission)
DeLong Corporation was organized on January 1, 2014. It is authorized to issue 10,000 shares of 8%, $100 par value preferred stock, and 500,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year.
Jan. 10 Issued 80,000 shares of common stock for cash at $4 per share.
Mar. 1 Issued 5,000 shares of preferred stock for cash at $105 per share.
Apr. 1 Issued 24,000 shares of common stock for land. The asking price of the land was $90,000. The fair value of the land was $85,000.
May. 1 Issued 80,000 shares of common stock for cash at $4.5 per share.
Aug. 1 Issued 10,000 shares of common stock to attorneys in payment of their bill of $30,000 for services performed in helping the company organize.
Sept. 1 Issued 10,000 shares of common stock for cash at $5 per share.
Nov. 1 Issued 1,000 shares of preferred stock for cash at $109 per share.
A) Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Jan. 10
| Account titles and explanation | Debt | Credit |
| Cash =80,000 x 4 | 320,000 | |
| Common stock =80,000 x 2 ($4-$2) | 160,000 | |
| Paid-in Capital in Excess of Stated Value-Common Stock = 80,000 x 2 | 160,000 |
Mar. 1
| Account titles and explanation | Debt | Credit |
| Cash | 525000 | |
| Preferred stock | 500,000 | |
| Paid-in Capital in Excess of Par-Preferred Stock | 25,000 |
Cash = 5,000 x 105 =525000
Preferred Stock = 5,000 x 100 =500,000
Paid-in Capital in Excess of Par-Preferred Stock = 5,000 x 5 =25,000
Apr. 1
| Account titles and explanation | Debt | Credit |
| Land | 85,000 | |
| Common stock | 48,000 | |
| Paid-in Capital in Excess of Stated Value-Common Stock | 37,000 |
Common Stock = 24,000 x 2 =48,000
Paid-in Capital in Excess of Stated Value-Common Stock =85,000 – 48,000 =37,000
May. 1
| Account titles and explanation | Debt | Credit |
| Cash | 360,000 | |
| Common stock | 160,000 | |
| Paid-in Capital in Excess of Stated Value-Common Stock | 200,000 |
Cash = 80,000 x 4.5 = 360,000
Common Stock = 80,000 x 2 = 160,000
Paid-in Capital in Excess of Stated Value-Common Stock = 80,000 x 2.50 =200,000
Aug. 1
| Account titles and explanation | Debt | Credit |
| Organization Expense | 30,000 | |
| Common stock | 20,000 | |
| Paid-in Capital in Excess of Stated Value-Common Stock | 10,000 |
Common Stock =10,000 x 2 = 20,000
Paid-in Capital in Excess of Stated Value-Common Stock = 30,000 – 20,000 =10,000
Sept. 1
| Account titles and explanation | Debt | Credit |
| Cash | 50,000 | |
| Common stock | 20,000 | |
| Paid-in Capital in Excess of Stated Value-Common Stock | 30,000 |
Cash = 10,000 x 5 = 50,000
Common Stock = 10,000 x 2= 20,000
Paid-in Capital in Excess of Stated Value-Common Stock = 10,000 x 3 = 30,000
Nov. 1
| Account titles and explanation | Debt | Credit |
| Cash | 109,000 | |
| Preferred Stock | 100,000 | |
| Paid-in Capital in Excess of Par-Preferred Stock | 9,000 |
Cash = 1,000 x 109=109,000
Preferred Stock = 1,000 x 100=100,000
Paid-in Capital in Excess of Par-Preferred Stock = 1,000 x 9=9,000
B) Post to the stockholders’ equity accounts. (Post entries in the order of journal entries presented in the previous part.)
Preferred Stock
| Date | Debt | Credit | Balance |
| Mar. 1 | 500,000 | 500,000 | |
| Nov. 1 | 100,000 | 600,000 |
Common Stock
| Date | Debt | Credit | Balance |
| Jan. 10 | 160,000 | 160000 | |
| Apr. 1 | 48,000 | 208,000 | |
| May. 1 | 160,000 | 368,000 | |
| Aug. 1 | 20,000 | 388,000 | |
| Sept. 1 | 20,000 | 408,000 |
Paid-in Capital in Excess of Par-Preferred Stock
| Date | Debt | Credit | Balance |
| Mar. 1 | 25,000 | 25,000 | |
| Nov. 1 | 9,000 | 34,000 |
Paid-in Capital in Excess of Stated Value-Common Stock
| Date | Debt | Credit | Balance |
| Jan. 10 | 160,000 | 160000 | |
| Apr. 1 | 37000 | 197,000 | |
| May. 1 | 200,000 | 397,000 | |
| Aug. 1 | 10,000 | 407,000 | |
| Sept. 1 | 30,000 | 437,000 |
C)Prepare the paid-in capital section of stockholders’ equity at December 31, 2014. (Enter the account name only and do not provide the descriptive information provided in the question.)
DeLong Corporation Balance sheet (partial) December 31, 2014
| Paid-in capital | ||
| Capital stock | ||
| Preferred Stock | 600,000 | |
| Common Stock | 408,000 | |
| Total Capital stock | 1008000 | |
| Additional Paid-in capital | ||
| Paid-in Capital in Excess of Stated Value-Common Stock | 437,000 | |
| Paid-in Capital in Excess of Par-Preferred Stock | 34,000 | |
| Total Additional Paid-in capital | 471,000 | |
| Total Paid-in Capital | 1479,000 |
Brief Exercise 13-3
On May 10, Jack Corporation issues 3,400 shares of $12 par value common stock for cash at $22 per share. Journalize the issuance of the stock. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
May. 1
| Account titles and explanation | Debt | Credit |
| Cash | 74,800 | |
| Common stock | 40,800 | |
| Paid-in Capital in Excess of Par-Common Stock | 34,000 |
Cash = 3,400 x 22 = 74,800
Common Stock = 3,400 x 12 = 40,800
Paid-in Capital in Excess of Par-Common Stock = 3,400 x 10(22-12) = 34,000
Brief Exercise 13-5
Lei Inc.’s $11 par value common stock is actively traded at a market price of $16 per share. Lei issue 4,900 shares to purchase land advertised for sale at $74,980. Journalize the issuance of the stock in acquiring the land. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
| Account titles and explanation | Debt | Credit |
| Land | 74,800 | |
| Common stock | 53900 | |
| Paid-in Capital in Excess of Par-Common Stock | 24,500 |
Cash = 74,980
Common Stock = 4,900 x 11 = 53900
Paid-in Capital in Excess of Par-Common Stock = 4,900 x 6(16-11) = 24,500
Brief Exercise 13-6
On July 1, Raney Corporation purchases 590 shares of its $6 par value common stock for the treasury at a cash price of $9 per share. On September 1, it sells 300 shares of the treasury stock for cash at $13 per share.
Journalize the two treasury stock transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
July 1
| Account titles and explanation | Debt | Credit |
| Treasury stock | 5310 | |
| Cash | 5310 |
Treasury stock = 590 x 9 =5,310
September 1
| Account titles and explanation | Debt | Credit |
| Cash | 3,900 | |
| Treasury stock | 2700 | |
| Paid-in Capital from Treasury Stock | 1200 |
Cash = 300 x 13 = 3,900
Treasury Stock = 300 x 9 = 2,700
Paid-in Capital from Treasury Stock = 300 x 4(13-9) =1200
Exercise 13-3
During its first year of operations, Foyle Corporation had the following transactions pertaining to its common stock.
Jan. 10 Issued 66,400 shares for cash at $6 per share.
July. 1 Issued 42,500 shares for cash at $8 per share
A) Journalize the transactions, assuming that the common stock has a par value of $6 per share. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Jan. 10
| Account titles and explanation | Debt | Credit |
| Cash | 398,400 | |
| Common Stock | 398,400 |
Cash = 66,400 x 6 = 398,400
July 1
| Account titles and explanation | Debt | Credit |
| Cash | 340,000 | |
| Common Stock | 255,000 | |
| Paid-in Capital in Excess of Par-Common Stock | 85,000 |
Cash = 42,500 x 8= 340,000
Common Stock = 42,500 x 6 = 255,000
Paid-in Capital in Excess of Par-Common Stock = 42,500 x 2(8-6) =85,000
B) Journalize the transactions, assuming that the common stock is no-par with a stated value of $1 per share. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Jan. 10
| Account titles and explanation | Debt | Credit |
| Cash | 398,400 | |
| Common Stock | 66400 | |
| Paid-in Capital in Excess of Stated Value-Common Stock | 332000 |
Cash = 66,400 x 6 = 398,400
Common Stock = 66,400 x 1 = 66,400
Paid-in Capital in Excess of Stated Value-Common Stock = 66,400 x 5(6-1) = 332000
Jul. 1
| Account titles and explanation | Debt | Credit |
| Cash | 340,000 | |
| Common Stock | 42,500 | |
| Paid-in Capital in Excess of Stated Value-Common Stock | 29,7500 |
Cash = 42,500 x 8= 340,000
Common Stock = 42,500 x 1 = 42,500
Paid-in Capital in Excess of Stated Value-Common Stock = 42,500 x 7(8-1) = 29,7500
Exercise 13-5
Quay Co. had the following transactions during the current period.
Mar. 2 Issued 5,300 shares of $5 par value common stock to attorneys in payment of a bill for $32,500 for services performed in helping the company to incorporate.
Jun. 12 Issued 55,400 shares of $5 par value common stock for cash of $345,000.
Jul. 11 Issued 1,600 shares of $110 par value preferred stock for cash at $140 per share.
Nov. 28 Purchased 1,700 shares of treasury stock for $79,700.
Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Mar. 2.
| Account titles and explanation | Debt | Credit |
| Organization Expense | 32,500 | |
| Common Stock | 26,500 | |
| Paid-in Capital in Excess of Par-Common Stock | 6,000 |
Common Stock = 5,300 x 5 =26,500
Jun. 12
| Account titles and explanation | Debt | Credit |
| Cash | 345,000 | |
| Common Stock | 277,000 | |
| Paid-in Capital in Excess of Par-Common Stock | 68,000 |
Common Stock = 55,400 x 5 = 277,000
Jul. 11
| Account titles and explanation | Debt | Credit |
| Cash | 224,000 | |
| Preferred Stock | 176,000 | |
| Paid-in Capital in Excess of Par-Preferred Stock | 48,000 |
Cash = 1,600 x 140 = 224,000
Preferred Stock = 1,600 x 110 = 176,000
Paid-in Capital in Excess of Par-Preferred Stock = 1,600 x 30(140-110) = 48,000
Nov. 28
| Account titles and explanation | Debt | Credit |
| Treasury Stock | 79,700 | |
| Cash | 79,700 |
Exercise 13-8
Rinehart Corporation purchased from its stockholders 5,700 shares of its own previously issued stock for $279,300. It later resold 1,900 shares for $52 per share, then 1,900 more shares for $47 per share, and finally 1,900 shares for $41 per share.
Prepare journal entries for the purchase of the treasury stock and the three sales of treasury stock. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
To record purchase from stockholders
| Account titles and explanation | Debt | Credit |
| Treasury Stock | 279,300 | |
| Cash | 279,300 |
To record sales of shares at $52 per share
| Account titles and explanation | Debt | Credit |
| Cash | 98,800 | |
| Treasury Stock | 93,100 | |
| Paid-in Capital from Treasury Stock | 5,700 |
Cash = 1,900 x 52 = 98,800
Treasury Stock = 1,900 x 49 = 93,100
To record sales of shares at $47 per share
| Account titles and explanation | Debt | Credit |
| Cash | 89,300 | |
| Paid-in Capital from Treasury Stock | 3,800 | |
| Treasury Stock | 93,100 |
Cash = 1,900 x $47= 89,300
Treasury Stock = 1,900 x 49 = 93,100
To record sales of shares at $41 per share
| Account titles and explanation | Debt | Credit |
| Retained Earnings | 13,300 | |
| Paid-in Capital from Treasury Stock | 1,900 | |
| Cash | 77,900 | |
| Treasury Stock | 93,100 |
Cash = 1,900 x $41=77,900
Paid-in Capital from Treasury Stock = 5,700 – $3,800 = 1,900
Treasury Stock = 1,900 x 49 = 93,100
Problem 13-2A
Fechter Corporation had the following stockholders’ equity accounts on January 1, 2014: Common Stock ($4 par) $405,680, Paid-in Capital in Excess of Par Common Stock $178,180, and Retained Earnings $101,940. In 2014, the company had the following treasury stock transactions.
Mar. 1 Purchased 6,570 shares at $9 per share
June 1 Sold 1,480 shares at $13 per share.
Sept. 1 Sold 1,590 shares at $11 per share.
Dec. 1 Sold 1,240 shares at $6 per share.
Fechter Corporation uses the cost method of accounting for treasury stock. In 2014, the company reported net income of $29,080.
A) Journalize the treasury stock transactions, and prepare the closing entry at December 31, 2014, for net income. (Credit account titles are automatically indented when amount is entered. Do not indent manually.
Mar. 1
| Account titles and explanation | Debt | Credit |
| Treasury Stock | 59130 | |
| Cash | 59130 |
Treasury Stock = 6,570 x 9 = 59130
June 1
| Account titles and explanation | Debt | Credit |
| Cash | 19,240 | |
| Treasury Stock | 13,320 | |
| Paid-in Capital from Treasury Stock | 5920 |
Cash = 1,480 x 13= 19,240
Treasury Stock = 1,480 x 9 = 13,320
Paid-in Capital from Treasury Stock = 1,480 x 4(13-9) = 5920
Sept. 1
| Account titles and explanation | Debt | Credit |
| Cash | 17,490 | |
| Treasury Stock | 14,310 | |
| Paid-in Capital from Treasury Stock | 3,180 |
Cash = 1,590 x 11 = 17,490
Treasury Stock = 1,590 x 9 = 14,310
Paid-in Capital from Treasury Stock = 1,590 x 2(11-9) = 3,180
Dec. 1
| Account titles and explanation | Debt | Credit |
| Cash | 7,440 | |
| Paid-in Capital from Treasury Stock | 3720 | |
| Treasury Stock | 11,160 |
Cash = 1,240 x 6 = 7,440
Paid-in Capital from Treasury Stock = 1,240 x 3 (9-6) = 3,720
Treasury Stock = 1,240 x 9 = 11,160
Dec. 31
| Account titles and explanation | Debt | Credit |
| Income Summary | 29,080 | |
| Retained Earnings | 29,080 |
B) Open accounts for Paid-in Capital from Treasury Stock, Treasury Stock, and Retained Earnings. Post to these accounts using J10 as the posting reference. (Post entries in the order of journal entries presented in the previous part.)
Paid-in Capital from Treasury Stock
| Date | Explanation Ref | Debt | Credit | Balance |
| June 1 | J10 | 5920 | 5920 | |
| Sept. 1 | J10 | 3180 | 9,100 | |
| Dec. 1 | J10 | 3,720 | 5,380 |
Treasury Stock
| Date | Explanation Ref | Debt | Credit | Balance |
| Mar. 1 | J10 | 59130 | 59130 | |
| June 1 | J10 | 13320 | 45,810 | |
| Sept. 1 | J10 | 14310 | 31,500 | |
| Dec. 1 | J10 | 11160 | 20,340 |
Retained Earnings
| Date | Explanation Ref | Debt | Credit | Balance |
| Jan. 1 | ü | 101,940 | ||
| Dec. 1 | J10 | 29,080 | 131020 |
C) Prepare the stockholders’ equity section for Fechter Corporation at December 31, 2014. (Enter the account name only and do not provide the descriptive information provided in the question.)
Fechter Corporation Balance sheet (partial) December 31, 2014
| Stockholders’ equity | |||
| Paid-in Capital | |||
| Capital Stock | |||
| Common Stock | 405,680 | ||
| Additional Paid-in Capital | |||
| Paid-in Capital in Excess of Par-Common Stock | 178,180 | ||
| Paid-in Capital from Treasury Stock | 5380 | ||
| Total Additional Paid-in Capital | 183,560 | ||
| Total Paid-in Capital | 589,240 | ||
| Retained Earnings | |||
| Total paid in Capital and Retained Earnings | 720,260 | ||
| Less | Treasury Stock | 20,340 | |
| Total Stockholders’ equity = 125,000 -11,000 = | 699,920 | ||
| Stockholders’ equity | ||||||
| Paid-in capital | ||||||
| Capital stock | ||||||
| Common stock, $4 par, 101,420 shares issued and 99,160 outstanding | $405,680 | |||||
| Additional paid-in capital | ||||||
| Paid-in Capital in Excess of Par-Common Stock | $178,180 | |||||
| Paid-in Capital from Treasury | 5,380 | |||||
| Total additional paid-in capital | 183,560 | |||||
| Total paid-in capital | 589,240 | |||||
| Retained earnings | 131,020 | |||||
| Total paid-in capital and retained earnings | 720,260 | |||||
| Less: Treasury stock (2,260 common shares, at cost) | (20,340 | ) | ||||
| Total stockholders’ equity | $699,920 |