Jennifer Corporation has issued 300,000 shares of $3 par value common stock. It authorized 600,000 shares. The paid-in capital in excess of par on the common stock is $380,000. The corporation has reacquired 15,000 shares at a cost of $50,000 and is currently holding those shares. Treasury stock was reissued in prior years for $72,000 more than its cost. The corporation also has 4,000 shares issued and outstanding of 8%, $100 parvalue preferred stock. It authorized 10,000 shares. The paid-in capital in excess of par on the preferred stock is $25,000. Retained earnings is $610,000. Prepare the stockholders' equity section of the balance sheet.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Jennifer Corporation has issued 300,000 shares of $3 par value common stock. It authorized 600,000 shares.
The paid-in capital in excess of par on the common stock is $380,000. The corporation has reacquired
15,000 shares at a cost of $50,000 and is currently holding those shares. Treasury stock was reissued in prior
years for $72,000 more than its cost. The corporation also has 4,000 shares issued and outstanding of 8%,
$100 parvalue preferred stock. It authorized 10,000 shares. The paid-in capital in excess of par on the
preferred stock is $25,000. Retained earnings is $610,000.
Prepare the stockholders' equity section of the balance sheet.
Transcribed Image Text:Jennifer Corporation has issued 300,000 shares of $3 par value common stock. It authorized 600,000 shares. The paid-in capital in excess of par on the common stock is $380,000. The corporation has reacquired 15,000 shares at a cost of $50,000 and is currently holding those shares. Treasury stock was reissued in prior years for $72,000 more than its cost. The corporation also has 4,000 shares issued and outstanding of 8%, $100 parvalue preferred stock. It authorized 10,000 shares. The paid-in capital in excess of par on the preferred stock is $25,000. Retained earnings is $610,000. Prepare the stockholders' equity section of the balance sheet.
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