On March 31, 2013, Legends Entertainment, Inc. had common stock of $230,000, paid-in capital in excess of par of $540,000, and retained earnings of $65,000. During the following year, 500 shares of stock were sold for $60,000, of which $40,000 represented paid-in capital in excess of par. The company reported net income of $140,000 for the year ended March 31, 2014. Also during the year, $80,000 of dividends were declared and paid.Prepare the Statement of Stockholders' Equity at March 31, 2014.

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The Answer of On March 31, 2013, Legends Entertainment, Inc. had common stock of $230,000, paid-in capital in excess of par of $540,000, and retained earnings of $65,000. During the following year, 500 shares of stock were sold for $60,000, of which $40,000 represented paid-in capital in excess of par. The company reported net income of $140,000 for the year ended March 31, 2014. Also during the year, $80,000 of dividends were declared and paid.Prepare the Statement of Stockholders' Equity at March 31, 2014.