Prepare the stockholders’ equity section of the balance sheet for Wiley Corporation on December 31, 2021. Assume that net income for the year was $1,100,000.
Extracted text: Wiley Corporation Balance Sheet (partial) At December 31, 2020 Stockholders' Equity Paid-in Capital Common Stock, $8 par value, 3,000,000 shares authorized, $10,160,000 1,270,000 issued and outstanding Paid-in Capital in Excess of Par- Common Stock $3,810,000 Total Paid-in Capital $13,970,000 Retained Earnings $8,200,000 Total Stockholders’ Equity $22,170,000 The following transactions occurred throughout 2021: Jan 4 Issued 170,000 shares of common stock at $17 per share Feb 23 Issued 190,000 shares of stock for land. The land had an asking price of $1,700,000. The stocks were being traded at $20 per share at the stock exchange May 16 Issued 320,000 shares of common stock at $15 per share Aug 22 Issued 250,000 shares of common stock for office building. The fair value of office building was $4,750,000 Sept 22 Issued 75,000 shares of common stock at $22 per share Dec 12 Attorneys for the company accepted 8,500 shares of common stock as payment for legal expense. The legal expense had a value of $87,000 Instructions: b) Prepare the stockholders' equity section of the balance sheet for Wiley Corporation on December 31, 2021. Assume that net income for the year was $1,100,000.