Eang Ereight-Eorwarding Company, Inc., has an authorized P.0.6 capital of 3,000 shares of preferred 9 percent stock, $100 par value, and 30,000 shares of no-par common stock, stated value $20. The following account bal¬

ances are from the Balance Sheet columns of the work sheet for the fiscal year ended December 31 of this year. The accounts are listed in alphabetical order.

Instructions 1. Determine the number of shares of preferred 9 percent stock issued and subscribed.
2. Determine the number of shares of common stock issued and subscribed.
3. Prepare a classified balance sheet.

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Accounts Payable $578,160 Accounts Receivable 704,340 Accumulated Depreciation, Building 80,700 Accumulated Depreciation, Equipment 131,190 Allowance for Doubtful Accounts 22,260 Building 396,000 Cash 89,880 Common Stock 360,000 Common Stock Subscribed Equipment Land Merchandise Inventory 90,000 289,350 102,000 475,920 Mortgage Payable (long-term liability) 138,000 Notes Payable 54,600 Organization Costs 21,360 Paid-in Capital in Excess of Stated Value 112,500 Preferred 9 Percent Stock 249,000 Preferred 9 Percent Stock Subscribed 51,000 Premium on Preferred 9 Percent Stock 6,000 Retained Earnings (credit balance) 279,000 Subscriptions Receivable, Common Stock 48,600 Subscriptions Receivable, Preferred 9 Percent Stock 19,200 Supplies 5,760