Court Casuals has the following beginning balances in its stockholders'equity accounts on January 1.2021:Common Stock,$90.000 Additional Paid-in Capital,$4.100.000:and Retained Earnings,$3.000,000.Net income for the year ended December 31,2021,is $900.000.Court Casuals has the following transactions affecting stockholders'equity in 2021: May 18 Issues 26,000 additional shares of $1 par value common stock for $50 per share. May 31 Purchases 4,500 shares of treasury stock for $40 per share. Julyl Declares a cash dividend of $2 per share to ail stockholders of record on July 15. Hint: Dividends are not paid on treasury stock. July 31 Pays the cash dividend declared on July 1. August 18 Resells 2,500 shares of treasury stock purchased on May 31 for $52 per share Taking into consideration all the entries described above,prepare the statement of stockholders'equity for the year ended December 31,2021,using the format provided.(Amounts to be deducted should be indicated with a minus sign.) COURT CASUALS Stelement of Stockholdara'Equity For the Yoar Ended December31.2021 Additional Common Ratained Pald-in Stock Earmings Capltal 90,000 $4,100,000 $3,000,000 Treasury Stock Total Stockholders Equlty $7,190,000 Balance,January 1 issue common stock Purchase treasury stock Cash dividends Resell treasury stock Net income Balance,December 31 90,000$4.100,000$3,000,000$ 0$7.190.000
