International Publishing Company has the following selected account balances at June 30, 2007. Prepare the stockholders" equity section of International's balance sheet.

Transcribed Image Text:

Inventory $112.000 Common stock, no par Machinery and equipment 109,000 with $1 stated value, Preferred stock, 5%, 10 par, 20,000 shares authorized, 5,000 shares issued Paid-in capital in excess of stated value-common Cost of goods sold 50,000 Accumulated depreciation- 100,000 shares authorized and issued $100,000 machinery and equipment 62,000 90,000 Retained earnings 110,0000 81,000