Partner Corporation’s post-closing trial balance at December 31, 2017, is shown as follows. PARTNER CORPORATION POST-CLOSING TRIAL BALANCE DECEMBER 31, 2017 Dr. Cr. Accounts payable $290,000 Accounts receivable $ 550,000 Accumulated depreciation—buildings 200,000 Additional paid-in capital in excess of par—ordinary 1,560,000 From sale of treasury shares 250,000 Allowance for doubtful accounts 30,000 Bonds payable 400,000 Building & equipment 1,100,000 Cash 220,000 Ordinary share capital ($1 par) 150,000 Dividends payable (preferred shares —cash) 4,000 Inventory 620,000 Land 380,000 investment in equity securities (at market)@FVOCI 285,000 Trading Equity Securities (at market) 215,000 Preference shares ($50 par) 500,000 Prepaid expenses 40,000 Retained earnings 231,000 Treasury stock - ordinary (at cost) 180,000 unrealized decrease in value of investment in securities - OCI 25,000 Totals $3,615,000 $3,615,000 At December 31, 2017, Partner had the following number of ordinary and preference shares: Common Preferred Authorized 500,000 50,000 Issued 150,000 10,000 Outstanding 140,000 10,000 The dividends on preference shares are $4 cumulative. In addition, the preference share has a preference in liquidation of $50 per share. Prepare the stockholders’ equity section of Partner's balance sheet at December 31, 2017.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Partner Corporation’s post-closing trial balance at December 31, 2017, is shown as follows.

PARTNER CORPORATION POST-CLOSING TRIAL BALANCE DECEMBER 31, 2017
	Dr.	Cr.
Accounts payable		$290,000
Accounts receivable	$ 550,000
Accumulated depreciation—buildings		200,000
Additional paid-in capital in excess
of par—ordinary		1,560,000
From sale of treasury shares		250,000
Allowance for doubtful accounts		30,000
Bonds payable		400,000
Building & equipment	1,100,000
Cash	220,000
Ordinary share capital ($1 par)		150,000
Dividends payable (preferred shares —cash)		4,000
Inventory	620,000
Land	380,000
investment in equity securities (at market)@FVOCI	285,000
Trading Equity Securities (at market)	215,000
Preference shares ($50 par)		500,000
Prepaid expenses	40,000
Retained earnings		231,000
Treasury stock - ordinary (at cost)	180,000
unrealized decrease in value of investment in securities - OCI	25,000
Totals	$3,615,000	$3,615,000

At December 31, 2017, Partner had the following number of ordinary and preference shares:

	Common	Preferred
Authorized	500,000	50,000
Issued	150,000	10,000
Outstanding	140,000	10,000

The dividends on preference shares are $4 cumulative. In addition, the preference share has a preference in liquidation of $50 per share.

Prepare the stockholders’ equity section of Partner's balance sheet at December 31, 2017.

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