On January 1, 2011, Hamblin Inc. had the following stockholders' equity balances.
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Common Stock (500,000 shares issued)
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$1,000,000
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Paid-in Capital in Excess of Par Value
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500,000
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Common Stock Dividends Distributable
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100,000
|
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Retained Earnings
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600,000
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During 2011, the following transactions and events occurred.
1. Issued 50,000 shares of $2 par value common stock as a result of 10% stock dividend declared on December 15, 2010.
2. Issued 30,000 shares of common stock for cash at $5 per share.
3. Purchased 25,000 shares of common stock for the treasury at $6 per share.
4. Declared and paid a cash dividend of $111,000.
5. Sold 8,000 shares of treasury stock for cash at $6 per share.
6. Earned net income of $360,000.
Instructions
Prepare a stockholders' equity statement for the year.