Waterway Corporation’s December 31, 2020 balance sheet showed the following:8% preferred stock, $20 par value, 69400 shares authorized; 49400 shares issued$ 988000Common stock, $10 par value, 6750000 shares authorized; 6650000 shares issued, 6610000 shares outstanding66500000Paid-in capital in excess of par—preferred stock125500Paid-in capital in excess of par—common stock54000000Retained earnings15350000Treasury stock (69400 shares)1261000Waterway’s total paid-in capital was$122874500.$121613500.$54125500.$120352500.

Paid in capital represents the shares issued and paid by the shareholders' equity of the company. It…

Answered: Waterway Corporation’s December 31,…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Waterway Corporation’s December 31, 2020 balance sheet showed the following:

8% preferred stock, $20 par value, 69400 shares
authorized; 49400 shares issued	$ 988000
Common stock, $10 par value, 6750000 shares authorized;
6650000 shares issued, 6610000 shares outstanding	66500000
Paid-in capital in excess of par—preferred stock	125500
Paid-in capital in excess of par—common stock	54000000
Retained earnings	15350000
Treasury stock (69400 shares)	1261000

Waterway’s total paid-in capital was

$122874500.

$121613500.

$54125500.

$120352500.

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