From the ledger of Hilo Corporation at December 31, 2019, the following stockholders equity accounts are available arranged alphabetically.

Common Stock ($10 stated value) $1,600,000

Paid-in Capital in Excess of Par ValuePreferred Stock 280,000

Paid-in Capital in Excess of Stated ValueCommon Stock 800,000

4

Corporations: Organization and Capital Stock Transactions Principles of Financial Accounting - II

Preferred Stock (10%, $100 par, cumulative) 500,000

Retained Earnings 2,100,000

Treasury StockCommon (20,000 shares) 220,000

Instructions:

Prepare the stockholders equity section of the balance sheet at December 31, 2019. Provide maximum possible disclosure while preparing the section.