The stockholders%u2019 equity accounts of Ashley Corporation on January 1, 2012, were as follows.
| Preferred Stock (8%, $49 par, cumulative, 10,300 shares authorized) |
|
$ 377,300 |
Common Stock
|
|
1,345,400 |
| Paid-in Capital in Excess of Par%u2014Preferred Stock |
|
102,600 |
| Paid-in Capital in Excess of Stated Value%u2014Common Stock |
|
1,435,300 |
| Retained Earnings |
|
1,780,500 |
| Treasury Stock |
|
43,200 |
During 2012, the corporation had the following transactions and events pertaining to its stockholders%u2019 equity.
| Feb. 1 |
|
Issued 24,600 shares of common stock for $121,900. |
| Apr. 14 |
|
Sold 5,700 shares of treasury stock%u2014common for $32,700. |
| Sept. 3 |
|
Issued 4,700 shares of common stock for a patent valued at $34,400. |
| Nov. 10 |
|
Purchased 1,100 shares of common stock for the treasury at a cost of $5,900. |
| Dec. 31 |
|
Determined that net income for the year was $401,300.
|