Chapter 6, Problem 6.5P

Prepare Stockholders’ Equity Section of Balance Sheet. Society Teas, Inc. provided the following information from its current-year trial balance

Account	Debit	Credit
Loss on disposal of plant assets	$ 740
Dividends	790
Cost of goods sold	548,450
Selling expenses	70,515
Dividend income		$ 65
Advertising expense	39,175
Office salaries expense	6,268
Depreciation expense	94,020
loss on asset impairment	3,250
Accounting and legal fees	15,600
Interest income		712
Unrealized loss on available-for-sale bonds before tax	450
interest expense	9,600
Sales		783,500
Retained earnings: beginning balance		368,900
Accumulated other comprehensive loss: beginning balance	5,700
Common stock - no par: beginning balance		85,800

Society Teas issued $5,400 of no-par common stock on April 1 of the current year.

Required

Prepare the stockholders’ equity section of the balance sheet at December 31 of the current year ignore taxes.