Chapter 20, Problem 5SEB

STOCKHOLDERS’ EQUITY SECTION After closing its books on December 31, Mel Brothers’ stockholders’ equity accounts have the following balances:

Common stock subscriptions receivable	$ 6,000
Common stock, $6 par, 15,000 shares	90,000
Preferred stock, $10 par, 8%, 10,000 shares	100,000
Common stock subscribed, $6 par, 5,000 shares	30,000
Retained earnings	50,000

Prepare the stockholders’ equity section of the balance sheet.