The following accounts appear in the ledger of Aston Corporation after the books are closed at December 31, 2008. Common Stock, $1 par value, 500,000 shares authorized, 400,000 shares issued …………………………………………………………………………$400,000 Paid-in Capital in Excess of Par Value—Common Stock ………………….....650,000 Preferred Stock, $100 par value, 8%, 10,000 shares authorized; 2,000 shares issued …………………………………………………………………………..200,000 Retained Earnings ……………………………………………………………..950,000 Treasury Stock (10,000 common shares) ………………………………………85,000 Paid-in Capital in Excess of Par Value—Preferred Stock …………………….310,000 Required: Prepare the stockholders' equity section at December 31, 2008.
The following accounts appear in the ledger of Aston Corporation after the books are closed at December 31, 2008. Common Stock, $1 par value, 500,000 shares authorized, 400,000 shares issued …………………………………………………………………………$400,000 Paid-in Capital in Excess of Par Value—Common Stock ………………….....650,000 Preferred Stock, $100 par value, 8%, 10,000 shares authorized; 2,000 shares issued …………………………………………………………………………..200,000 Retained Earnings ……………………………………………………………..950,000 Treasury Stock (10,000 common shares) ………………………………………85,000 Paid-in Capital in Excess of Par Value—Preferred Stock …………………….310,000 Required: Prepare the stockholders' equity section at December 31, 2008.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following accounts appear in the ledger of Aston Corporation after the books are closed at December 31, 2008.
Common Stock, $1 par value, 500,000 shares authorized, 400,000 shares
issued …………………………………………………………………………$400,000
Paid-in Capital in Excess of Par Value—Common Stock ………………….....650,000
issued …………………………………………………………………………..200,000
Paid-in Capital in Excess of Par Value—Preferred Stock …………………….310,000
Required: Prepare the
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