Problem
Skysong Company had the following stockholders' equity as of January 1, 2017.
Common stock, $5 par value, 18,400 shares issued $92,000
Paid-in capital in excess of par-common stock 303,000
Retained earnings 318,000
Total stockholders' equity $713,000
During 2017, the following transactions occurred.
Feb. 1 Skysong repurchased 2,100 shares of treasury stock at a price of $17 per share.
Mar. 1 880 shares of treasury stock repurchased above were reissued at $15 per share.
Mar. 18 480 shares of treasury stock repurchased above were reissued at $14 per share.
Apr. 22 610 shares of treasury stock repurchased above were reissued at $20 per share.
Prepare the stockholders' equity section as of April 30, 2017. Net income for the first 4 months of 2017 was $135,000.