Exercise 15-17

Headland Corporations post-closing trial balance at December 31, 2017, is shown as follows.

HEADLAND CORPORATION POST-CLOSING TRIAL BALANCE DECEMBER 31, 2017
		Dr.		Cr.
Accounts payable				$ 361,400
Accounts receivable		$ 527,000
Accumulated depreciationbuildings				176,000
Additional paid-in capital in excess
of parcommon				1,385,000
From treasury stock				147,000
Allowance for doubtful accounts				29,000
Bonds payable				316,000
Buildings		1,573,000
Cash		205,000
Common stock ($1 par)				198,000
Dividends payable (preferred stockcash)				3,600
Inventory		555,000
Land		427,000
Preferred stock ($50 par)				550,000
Prepaid expenses		37,000
Retained earnings				319,000
Treasury stock (common at cost)		161,000
Totals		$3,485,000		$3,485,000

At December 31, 2017, Headland had the following number of common and preferred shares.

		Common		Preferred
Authorized		594,000		66,000
Issued		198,000		11,000
Outstanding		184,000		11,000

The dividends on preferred stock are $4 cumulative. In addition, the preferred stock has a preference in liquidation of $50 per share. Prepare the stockholders equity section of Headlands balance sheet at December 31, 2017. (Enter account name only and do not provide descriptive information.)

HEADLAND CORPORATION Stockholders' Equity Click if you would like to Show Work for this question: Open Show Work