Barker Corp. received a charter authorizing 120,000 shares of common stock at P15 par value per share. During the first year of operations, 40,000 shares were sold at P28 per share. 600 shares were issued in payment of a current operating debt of P18,600. In the first year, the net income was P 142,000.
During the year, dividends of P36,000 were paid to stockholders. At end of the year, total liabilities were P82,000.
Requirements: Use the given data to compute the following items at the end of the first year (show all computations): 1. Total liabilities and stockholders’ equity 2. Stockholders’ equity 3. Contributed capital 4. Issued capital stock (par) 5. Outstanding capital stock (par) 6. Unissued capital stock (number of shares) 7. Paid-In capital in excess of par value