Business, 24.03.2020 00:08 INEEDTOPASSS

On January 1, 2018, Fascom had the following account balances in its shareholders' equity accounts.

Common stock, $1 par, 250,000 shares issued 250,000
Paid-in capital—excess of par, common 500,000
Paid-in capital—excess of par, preferred 100,000
Preferred stock, $100 par, 10,000 shares outstanding 1,000,000
Retained earnings 2,000,000
Treasury stock, at cost, 5,000 shares 25,000

During 2018, Fascom Inc. had several transactions relating to common stock.

January 15: Declared a property dividend of 100,000 shares of Slowdown Company (book value $10 per share, fair value $9 per share).
February 17: Distributed the property dividend.
April 10: A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. The fair value of the stock was $4 on this date.
July 18: Declared and distributed a 3% stock dividend on outstanding common stock. The fair value is $5 per share.
December 1: Declared a 50 cents per share cash dividend on the outstanding common shares.
December 20: Paid the cash dividend.

Required:
Without preparing journal entries, prepare the shareholders' equity section of Fascom's balance sheet as of December 31, 2018. Assume net income is $500,000 for 2018.

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On January 1, 2018, Fascom had the following account balances in its shareholders' equity accounts.<...

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