On January 1 2014 Ferris Inc Had These Stockholders Equity

On January 1, 2014, Ferris Inc. had these stockholders’ equity balances.
Common Stock, $5 par (2,000,000 shares authorized600, 000
shares issued and outstanding) ……………….$3,000,000
Paid-in Capital in Excess of Par Value………………1,800,000
Retained Earnings……………………….810, 000
During 2014, the following transactions and events occurred.
1. Issued 75,000 shares of $5 par value common stock for $9 per share.
2. Issued 60,000 shares of common stock for cash at $9.50 per share.
3. Purchased 25,000 shares of common stock for the treasury at $10 per share.
4. Declared and paid a cash dividend of $284,000.
5. Earned net income of $860,000.
Instructions
Prepare the stockholders’ equity section of the balance sheet at December 31, 2014.

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