Paid-in capital: Preferred stock, $120 par value, 5%, cumulative, 100,000 shares authorized, 74,000 shares issued and outstanding $ 8,880,000 $ 8,880,000 Common stock, $6 par value, 600,000 shares authorized, 420,000 and 400,000 shares issued, respectively ? 2,400,000 Additional paid-in capital 14,670,000 14,140,000 Retained earnings 12,070,000 11,794,000 Less: Treasury common stock, at cost; 21,000 shares and 19,500 shares, respectively (1,932,000 ) (1,872,000 ) Total stockholders' equity $ ? $ 35,342,000
Paid-in capital: Preferred stock, $120 par value, 5%, cumulative, 100,000 shares authorized, 74,000 shares issued and outstanding $ 8,880,000 $ 8,880,000 Common stock, $6 par value, 600,000 shares authorized, 420,000 and 400,000 shares issued, respectively ? 2,400,000 Additional paid-in capital 14,670,000 14,140,000 Retained earnings 12,070,000 11,794,000 Less: Treasury common stock, at cost; 21,000 shares and 19,500 shares, respectively (1,932,000 ) (1,872,000 ) Total stockholders' equity $ ? $ 35,342,000
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter15: Contributed Capital
Section: Chapter Questions
Problem 16E: Contributed Capital Adams Companys records provide the following information on December 31, 2019:...
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Question
Bacon Inc. has the following
May 31, 2019 | April 30, 2019 | |||||
Paid-in capital: | ||||||
$ | 8,880,000 | $ | 8,880,000 | |||
Common stock, $6 par value, 600,000 shares authorized, 420,000 and 400,000 shares issued, respectively | ? | 2,400,000 | ||||
Additional paid-in capital | 14,670,000 | 14,140,000 | ||||
Retained earnings | 12,070,000 | 11,794,000 | ||||
Less: |
(1,932,000 | ) | (1,872,000 | ) | ||
Total stockholders' equity | $ | ? | $ | 35,342,000 | ||
![!
Required information
[The following information applies to the questions displayed below.]
Bacon Inc. has the following stockholders' equity section in its May 31, 2019, comparative balance sheets:
Мay 31, 2019
April 30, 2019
Paid-in capital:
Preferred stock, $120 par value, 5%, cumulative, 100,000 shares
authorized, 74,000 shares issued and outstanding
Common stock, $6 par value, 600,000 shares authorized, 420,000 and
400,000 shares issued, respectively
Additional paid-in capital
Retained earnings
$ 8,880,000
$ 8,880,000
14,670,000
12,070,000
2,400,000
14,140,000
11,794,000
Less: Treasury common stock, at cost; 21,000 shares and 19,500 shares,
respectively
(1,872,000)
$35,342,000
(1,932,000)
Total stockholders' equity
$
?
Required:
a. Calculate the amount that should be shown on the balance sheet for common stock at May 31, 2019.
Common stock](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffea94a50-e8e7-419f-bb62-28be718638fb%2F3df4c2c7-fb2f-43e2-a19e-8c1023eba7c2%2Fotuai7_processed.png&w=3840&q=75)
Transcribed Image Text:!
Required information
[The following information applies to the questions displayed below.]
Bacon Inc. has the following stockholders' equity section in its May 31, 2019, comparative balance sheets:
Мay 31, 2019
April 30, 2019
Paid-in capital:
Preferred stock, $120 par value, 5%, cumulative, 100,000 shares
authorized, 74,000 shares issued and outstanding
Common stock, $6 par value, 600,000 shares authorized, 420,000 and
400,000 shares issued, respectively
Additional paid-in capital
Retained earnings
$ 8,880,000
$ 8,880,000
14,670,000
12,070,000
2,400,000
14,140,000
11,794,000
Less: Treasury common stock, at cost; 21,000 shares and 19,500 shares,
respectively
(1,872,000)
$35,342,000
(1,932,000)
Total stockholders' equity
$
?
Required:
a. Calculate the amount that should be shown on the balance sheet for common stock at May 31, 2019.
Common stock
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