Stockholders' Equity Section of Balance Sheet Below is the Stockholders' Equity section of the balance sheet prepared as of the end of the current year. Stockholders' Equity Paid-in capital: Preferred 2% stock, $80 par (125,000 shares authorized and issued) $10,000,000 Excess of issue price over par 500,000 $10,500,000 Retained earnings 96,700,000 Treasury stock (75,000 shares at cost) 1,755,000 Dividends payable 430,000 Total paid-in capital $109,385,000 Common stock, $20 par (1,000,000 shares authorized, 825,000 shares issued) 17,655,000 Organizing costs 300,000 Total stockholders' equity $127,340,000 Prepare a corrected Stockholders' Equity section.
Stockholders' Equity Section of Balance Sheet Below is the Stockholders' Equity section of the balance sheet prepared as of the end of the current year. Stockholders' Equity Paid-in capital: Preferred 2% stock, $80 par (125,000 shares authorized and issued) $10,000,000 Excess of issue price over par 500,000 $10,500,000 Retained earnings 96,700,000 Treasury stock (75,000 shares at cost) 1,755,000 Dividends payable 430,000 Total paid-in capital $109,385,000 Common stock, $20 par (1,000,000 shares authorized, 825,000 shares issued) 17,655,000 Organizing costs 300,000 Total stockholders' equity $127,340,000 Prepare a corrected Stockholders' Equity section.
Chapter1: Financial Statements And Business Decisions
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![Stockholders' Equity Section of Balance Sheet
Below is the Stockholders' Equity section of the balance sheet prepared as of the end of the current year.
Stockholders' Equity
Paid-in capital:
Preferred 2% stock, $80 par (125,000 shares authorized and issued)
$10,000,000
Excess of issue price over par
500,000
$10,500,000
Retained earnings
96,700,000
Treasury stock (75,000 shares at cost)
1,755,000
Dividends payable
430,000
Total paid-in capital
$109,385,000
Common stock, $20 par (1,000,000 shares authorized, 825,000 shares issued)
17,655,000
Organizing costs
300,000
Total stockholders' equity
$127,340,000
Prepare a corrected Stockholders' Equity section.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd10117ac-b61a-4795-a3b8-d471843bf2db%2F8c725369-cdcc-44a0-b763-4f0171201db3%2Fvpatb3m_processed.png&w=3840&q=75)
Transcribed Image Text:Stockholders' Equity Section of Balance Sheet
Below is the Stockholders' Equity section of the balance sheet prepared as of the end of the current year.
Stockholders' Equity
Paid-in capital:
Preferred 2% stock, $80 par (125,000 shares authorized and issued)
$10,000,000
Excess of issue price over par
500,000
$10,500,000
Retained earnings
96,700,000
Treasury stock (75,000 shares at cost)
1,755,000
Dividends payable
430,000
Total paid-in capital
$109,385,000
Common stock, $20 par (1,000,000 shares authorized, 825,000 shares issued)
17,655,000
Organizing costs
300,000
Total stockholders' equity
$127,340,000
Prepare a corrected Stockholders' Equity section.
![Stockholders' Equity
Paid-In Capital:
Preferred 2% stock, $80 par (125,000 shares authorized and issued)
10,000,000
Excess Over Par v
500,000
Paid-in Capital, Preferred Stock v
10,500,000
Common stock, $20 par (1,000,000 shares authorized, 825,000 shares issued) V
16,500,000
Excess Over Par v
430,000
Paid-in Capital, Common Stock v
Total paid-in capital
$
109,385,000 X
Retained Earnings v
967,000 X
Total
$
Treasury stock (75,000 shares at cost) V
1,755,000
Total stockholders' equity](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd10117ac-b61a-4795-a3b8-d471843bf2db%2F8c725369-cdcc-44a0-b763-4f0171201db3%2F4tshub8_processed.png&w=3840&q=75)
Transcribed Image Text:Stockholders' Equity
Paid-In Capital:
Preferred 2% stock, $80 par (125,000 shares authorized and issued)
10,000,000
Excess Over Par v
500,000
Paid-in Capital, Preferred Stock v
10,500,000
Common stock, $20 par (1,000,000 shares authorized, 825,000 shares issued) V
16,500,000
Excess Over Par v
430,000
Paid-in Capital, Common Stock v
Total paid-in capital
$
109,385,000 X
Retained Earnings v
967,000 X
Total
$
Treasury stock (75,000 shares at cost) V
1,755,000
Total stockholders' equity
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