| Problem 11-5A Pringle Corporation has been authorized to issue23,700shares of $100par value,9%, noncumulative preferred stock and1,023,600shares of no-par common stock. The corporation assigned a $4stated value to the common stock. At December 31, 2014, the ledger contained the following balances pertaining to stockholders? equity. Preferred Stock | $154,200 | Paid-in Capital in Excess of Par Value?Preferred Stock | 21,350 | Common Stock | 2,190,000 | Paid-in Capital in Excess of Stated Value?Common Stock | 1,687,000 | Treasury Stock? (4,860common shares) | 38,880 | Retained Earnings | 84,300 | The preferred stock was issued for $175,550cash. All common stock issued was for cash. In November4,860shares of common stock were purchased for the treasury at a per share cost of $8. No dividends were declared in 2014. |
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