Hoyle Corporation has issued 100,000 shares of $5 par value common stock. It authorized 500,000 shares. The

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Hoyle Corporation has issued 100,000 shares of $5 par value common stock. It authorized 500,000 shares. The paid-in capital in excess of par on the common stock is $263,000. The corporation has reacquired 7,000 shares at a cost of $46,000 and is currently holding those shares. It also had accumulated other comprehensive income of $67,000. The corporation also has 2,000 shares issued and outstanding of 9%, $100 par value preferred stock. It authorized 10,000 shares. The paid-in capital in excess of par on the preferred stock is $23,000. Retained earnings is $372,000. Prepare the stockholders’ equity section of the balance sheet.

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Accounting Principles

ISBN: 978-1119411482

13th edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

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