On January 1, 2012, Gabriel Inc. had these stockholder equity balances.
| Common Stock, $1 par (1,000,000 shares authorized; | |
| 500,000 shares issued and outstanding) | $ 500,000 |
| Paid-in Capital in Excess of Par Value | 1,000,000 |
| Retained Earnings | 600,000 |
During 2012, the following transactions and events occurred.
1. Issued 70,000 shares of $1 par common stock for $245,000.
2. Issued 40,000 common shares for cash at $4 per share.
3. Purchased 18,000 shares of common stock for the treasury at $4 per share.
4. Declared and paid a cash dividend of $296,000.
5. Reported net income of $510,000.
Instructions
Prepare the stockholders” equity section of the balance sheet at December 31, 2012.
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