Bruno Corporation?s post-closing trial balance at December 31, 2020, is shown as follows.

At December 31, 2020, 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, 2020.

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Bruno Corporation Post-Closing Trial Balance December 31, 2020 Cr. Dr. $ 310,000 Accounts payable $ 480,000 Accounts receivable Accumulated depreciation-buildings Additional paid-in capital in excess of par-common From treasury stock 185,000 1,300,000 160,000 Allowance for doubtful accounts 30,000 Bonds payable Buildings 300,000 1,450,000 Cash 190,000 Common stock ($1 par) Dividends payable (preferred stock-cash) Inventory 200,000 4,000 560,000 Land 400,000 Preferred stock ($50 par) Prepaid expenses Retained earnings Treasury stock (common at cost) 500,000 40,000 301,000 170,000 Totals $3,290,000 $3,290,000