The following accounts and balances are from the records of Student Corporation on December 31, 2018: Preferred Stock, $100 par value, 9 percent cumulative, 10,000 shares authorized, 3,000 shares issued and outstanding $300,000 Common Stock, $12 par value, 45,000 shares authorized, 15,000 shares issued, and 14,250 shares outstanding 180,000 Additional Paid-in Capital, Common Stock 37,000 Additional Paid-in Capital, Common Stock 60,000 Retained Earnings 11,500 Treasury Stock, Common (750 shares, at cost) 15,000 Prepare the stockholders' equity section of Student Corporation's balance sheet as of December 31, 2018.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The following accounts and balances are from the records of Student Corporation on December 31, 2018:
Preferred Stock, $100 par value, 9 percent cumulative,
10,000
shares authorized, 3,000 shares issued and outstanding
$300,000
Common Stock, $12 par value, 45,000 shares authorized,
15,000 shares
issued, and 14,250 shares outstanding
180,000
Additional Paid-in Capital, Common Stock
37,000
Additional Paid-in Capital, Common Stock
60,000
Retained Earnings
11,500
Treasury Stock, Common (750 shares, at cost)
15,000
Prepare the stockholders' equity section of Student Corporation's balance sheet as of December 31, 2018.
Transcribed Image Text:The following accounts and balances are from the records of Student Corporation on December 31, 2018: Preferred Stock, $100 par value, 9 percent cumulative, 10,000 shares authorized, 3,000 shares issued and outstanding $300,000 Common Stock, $12 par value, 45,000 shares authorized, 15,000 shares issued, and 14,250 shares outstanding 180,000 Additional Paid-in Capital, Common Stock 37,000 Additional Paid-in Capital, Common Stock 60,000 Retained Earnings 11,500 Treasury Stock, Common (750 shares, at cost) 15,000 Prepare the stockholders' equity section of Student Corporation's balance sheet as of December 31, 2018.
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