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On January 1, 2017, Wall Corporation reported the following in the stockholders' equity section of their balance sheet:

Common stock, par $8, authorized 900,000 shares, issued 150,000 shares

$1,200,000

Capital in excess of par value

$560,000

Retained earnings

$1,845,000

During 2017, the following selected transactions occurred (assume they occurred in the order given):

  1. 20,000 shares of treasury stock were purchased at $15.00 per share.
  2. Issued a 15% stock dividend when the market price was $14.00.
  3. Declared and paid a cash dividend of $300,000.
  4. Net income was $655,000.

Prepare the stockholders’ equity section of the balance sheet as of December 31, 2017. Include the number of shares for Common stock, Shares held in treasury, and Total stockholders’ equity in place of the ### symbols. Show work.

Dollar Amounts

Common stock

Shares:

##,###

Paid in capital

   Total contributed capital

Retained earnings

   Total contributed capital and retained earnings

Less: Shares held in treasury

Shares:

#,###

   Total stockholders’ equity

Shares:

##,###

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