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Premium Imports Inc. retails racing products for BMWs, Porsches, and Ferraris. The following accounts and their balances appear in the ledger of Premium Imports
Premium Imports Inc. retails racing products for BMWs, Porsches, and Ferraris. The following accounts and their balances appear in the ledger of Premium Imports Inc. on November 30, the end of the current fiscal year: Common Stock, $10 par Paid-In Capital in Excess of Par-Common Stock Paid-In Capital in Excess of Par-Preferred Stock Paid-In Capital from Sale of Treasury Stock-Common Preferred 4% Stock, $50 par Retained Earnings Treasury Stock-Common $380,000 114,000 76,500 28,700 1,275,000 2,286,500 47,300 Shares authorized are Fifty thousand of preferred and 200,000 shares of common stock. There are 4,300 shares of common stock held as treasury stock. Prepare the "Stockholders' Equity" section of the balance sheet as of November 30.
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