On January 1, 2024, Dolar Incorporated had the following account balances in its shareholders' equity accounts.
Common stock, $1 par, 254,000 shares issued $ 254,000
Paid-in capital–excess of par, common 508,000
Paid-in capital–excess of par, preferred 120,000
Preferred stock, $100 par, 12,000 shares outstanding 1,200,000
Retained earnings 2,400,000
Treasury stock, at cost, 5,400 shares 27,000
During 2024, Dolar Incorporated had several transactions relating to common stock.
January 15: Declared a property dividend of 100,000 shares of Burak Company (book value $10.4 per share, fair value $9.20 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. (Dolar chose to reduce Paid-in capital—excess of par.) The fair value of the stock was $4 on this date.
July 18: Declared and distributed a 4% 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 Dolar's balance sheet as of December 31, 2024. Assume net income is $540,000 for 2024.
