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Section: Common Stock Treasury Stock Jan. 1 Bal. 3,200,000 Jan. 1 Bal.

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Section: Common Stock Treasury Stock Jan. 1 Bal. 3,200,000 Jan. 1 Bal.

Section:Common StockTreasury StockJan. 1 Bal.3,200,000Jan. 1 Bal.240,000May 21240,000Feb. 9400,000Sept. 30100,000Dec. 31 Bal100,000Dec.31 Bal.Paid-in Capital from Sale of Treasury StockPaid-in Capital in Excess of Stated ValueMay 2160,000Jan. 1 Bal.600,000Dec.31 Bal.60,000Feb. 9200,000Stock Dividends DistributableDec.31 Bal.Dec.31 Bal.Retained EarningsStock DividendsJan. 1 Bal.7,100,000Dec.31 Bal.485,000Dec. 31 Bal0Dec.31 Bal.Cash DividendsDec. 31 Bal0Jan. 7Cash Dividends Payable66,600Cash66,600Feb. 9Cash600,000Common Stock400,000Paid-in Capital in Excess of Stated Value200,000May 21Cash300,000Treasury Stock240,000Paid-in Capital from Sale of Treasury Stock60,000July 1Stock DividendsStock Dividends DistributablePaid-in Capital in Excess of Stated ValueAug. 15Stock Dividends DistributableCommon StockSept. 30Treasury Stock100,000Cash100,000Dec. 27Cash DividendsCash Dividends Payable31Income Summary485,000Retained Earnings485,00031Retained EarningsStock DividendsCash DividendsIVY ENTERPRISES INC.Retained Earnings StatementFor the Period Ended December 31, 2010Retained earnings (January 1, 2010)$7,100,000 Net income$485,000 Less: Cash dividendsStock dividendsIncrease in retained earningsRetained earnings (December 31, 2010)Stockholders’ EquityPaid-in capital:Common stock, $8 stated value(600,000 shares authorized, 468,000 shares issued)Excess of issue price over stated valueFrom sale of treasury stock60,000 Total paid-in capitalRetained earningsTotal $11,953,400 Deduct treasury stock (10,000 shares at cost)100,000 Total stockholders’ equity$11,853,400

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