(Stockholders’ Equity Section) Bruno Corporation's post-closing trial balance at December 31, 2007, was as follows.

At December 31, 2007, Bruno had the following number of common and preferred shares.

The dividends on preferred stock are $4 cumulative. In addition, the preferred stock has a preference in liquidation of $50 per share.
Instructions Prepare the stockholders’ equity section of Bruno’s balance sheet at December 31, 2007.

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BRUNO CORPORATION POST-CLOSING TRIAL BALANCE DECEMBER 31, 2007 Accounts payable Accounts receivable Accumulated depreciation-building and equipment Additional paid-in capital-common In excess of par value From sale of treasury stock Allowance for doubtful accounts Bonds payable Dr. $ 480,000 Cr. $ 310,000 185,000 1,300,000 160,000 30,000 300,000 Building and equipment 1,450,000 Cash 190,000 Common stock ($1 par value) 200,000 Dividends payable on preferred stock-cash 4,000 Inventories 560,000 Land 400,000 Preferred stock ($50 par value) 500,000 Prepaid expenses 40,000 Retained earnings 301,000 Treasury stock-common at cost 170,000 Totals $3,290,000 $3,290,000