Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Martinez Corporation has been authorized to issue 20,500 shares of $100 par value, 10%, preferred stock and 1,084,200 shares of no-par common stock. The corporation
Martinez Corporation has been authorized to issue 20,500 shares of $100 par value, 10%, preferred stock and 1,084,200 shares of no-par common stock. The corporation assigned a $2.60 stated value to the common stock. At December 31, 2022, the ledger contained the following balances pertaining to stockholders' equity. Preferred Stock $125,000 Paid-in Capital in Excess of Par-Preferred Stock Common Stock 15,000 1,084,200 Paid-in Capital in Excess of Stated Value-Common Stock 1.834,800 Treasury Stock (1,160 common shares) 13,920 Paid-in Capital from Treasury Stock 1,740 Retained Earnings 81,500 The preferred stock was issued for land having a fair value of $140,000. All common stock issued was for cash. In November, 1,740 shares of common stock were purchased for the treasury at a per share cost of $12. In December, 580 shares of treasury stock were sold for $15 per share. No dividends were declared in 2022. Prepare the stockholders' equity section at December 31, 2022. (Enter the account name only and do not provide the descriptive information provided in the question.) Stockholders' Equity Paid-in Capital Capital Stock Preferred Stock Common Stock Total Capital Stock Additional Paid-in Capital MARTINEZ CORPORATION Balance Sheet (Partial) December 31, 2022 $ 125000 2050000 Total Capital Stock Additional Paid-in Capital Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Par-Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Capital Stock Additional Paid-in Capital Paid-in Capital from Treasury Stock Revenues Less Treasury Stock $ Total Stockholders' Equity
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started