CC has the following beginning balances in its stockholders' equity accounts on January 1, 2012: Common Stock, $100,000; Additional Paid-in Capital, $4,100,000; and Retained Earnings, $3,000,000. Net income for the year ended December 31, 2012, is $800,000. Court Casuals has the following transactions affecting stockholders' equity in 2012:
May 18 Issues 25,000 additional shares of $1 par value common stock for $40 per share.
May 31 Repurchases 5,000 shares of treasury stock for $45 per share.
July 1 Declares a cash dividend of $1 per share to all stockholders of record on July 15. Hint: Dividends are not paid on treasury stock.
July 31 Pays the cash dividend declared on July 1.
August 10 Reissues 2,500 shares of treasury stock purchased on May 31 for $48 per share.
Taking into consideration all the entries described above, prepare the statement of stockholders' equity for the year ended December 31, 2012.