The following accounts appear in the ledger of Akram Inc. after the books are closed at December 31, 2018. Common Stock, RS1 par value, 500,000 shares authorized, 400,000 shares issued RS 400,000 Common Stock Dividends Distributable 60,000 Paid-in Capital in Excess of Par—Common Stock 650,000 Preferred Stock, RS 100 par value, 6%, 10,000 shares authorized; 2,000 shares issued 200,000 Retained Earnings 920,000 Treasury Stock (10,000 common shares) 85,000 Paid-in Capital in Excess of Par—Preferred Stock 310,000 Instructions Prepare the stockholders' equity section at December 31, 2014, assuming that retained earnings is restricted for plant expansion in the amount of RS 200,000.
The following accounts appear in the ledger of Akram Inc. after the books are closed at December 31, 2018.
Common Stock, RS1 par value, 500,000 shares authorized, 400,000 shares
issued RS 400,000
Common Stock Dividends Distributable 60,000
Paid-in Capital in Excess of Par—Common Stock 650,000
issued 200,000
Paid-in Capital in Excess of Par—Preferred Stock 310,000
Instructions
Prepare the
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