The following accounts appear in the ledger of Concord Corporation, after the books are closed at December 31, 2020. Common Stock, $1 par value, 890,000 shares authorized, 560,000 shares issued Common Stock Dividends Distributable Paid-in Capital in Excess of Par Value-Common Stock Preferred Stock, $100 par value, 9%, 12,000 shares authorized; 5,200 shares issued Retained Earnings Treasury Stock (10,000 common shares) Paid-in Capital in Excess of Par Value-Preferred Stock $560.000 84,000 973,000 520,000 730,000 41,000 70,000 Prepare the stockholders' equity section at December 31, 2020, assuming that part of retained earnings is restricted for plant expansion in the amount of $220,000.
The following accounts appear in the ledger of Concord Corporation, after the books are closed at December 31, 2020. Common Stock, $1 par value, 890,000 shares authorized, 560,000 shares issued Common Stock Dividends Distributable Paid-in Capital in Excess of Par Value-Common Stock Preferred Stock, $100 par value, 9%, 12,000 shares authorized; 5,200 shares issued Retained Earnings Treasury Stock (10,000 common shares) Paid-in Capital in Excess of Par Value-Preferred Stock $560.000 84,000 973,000 520,000 730,000 41,000 70,000 Prepare the stockholders' equity section at December 31, 2020, assuming that part of retained earnings is restricted for plant expansion in the amount of $220,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Prepare the stockholders' equity section at December 31, 2020, assuming that part of retained earnings is restricted for plant
expansion in the amount of $220,000.
CONCORD CORPORATION
Balance Sheet (Partial)
D
Transcribed Image Text:Current Attempt in Progress
The following accounts appear in the ledger of Concord Corporation, after the books are closed at December 31, 2020.
Common Stock, $1 par value, 890,000 shares authorized, 560,000 shares issued
Common Stock Dividends Distributable
Paid-in Capital in Excess of Par Value-Common Stock
Preferred Stock, $100 par value, 9%, 12,000 shares authorized; 5,200 shares issued
Retained Earnings
Treasury Stock (10,000 common shares)
Paid-in Capital in Excess of Par Value-Preferred Stock
$560,000
84.000
973,000
520,000
730,000
41,000
70,000
Prepare the stockholders' equity section at December 31, 2020, assuming that part of retained earnings is restricted for plant
expansion in the amount of $220,000.
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