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Stockholders' Equity Section of Balance Sheet Premium Imports Inc. retails racing products for BMWs, Porsches, and Ferraris. The following accounts and their balances appear in
Stockholders' Equity Section of Balance Sheet
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 year:
Common Stock, $10 par | $600,000 |
Paid-In Capital in Excess of Par-Common Stock | 180,000 |
Paid-In Capital in Excess of Par-Preferred Stock | 57,900 |
Paid-In Capital from Sale of Treasury Stock-Common | 45,200 |
Preferred 4% Stock, $50 par | 965,000 |
Retained Earnings | 2,254,700 |
Treasury Stock-Common | 36,300 |
One hundred thousand shares of preferred and 400,000 shares of common stock are authorized. There are 3,300 shares of common stock held as treasury stock.
Prepare the Stockholders' Equity section of the balance sheet as of November 30, the end of the current year.
Premium Imports Inc. | |||
Stockholders' Equity Section of the Balance Sheet | |||
November 30 | |||
Paid-in capital: | |||
Preferred 4% stock, $50 par (100,000 shares authorized, 19,300 shares issued) | $ | ||
Excess of issue price over par | $ | ||
Common stock, $10 par (400,000 shares authorized, 60,000 shares issued) | $ | ||
Excess of issue price over par | |||
From sale of treasury stock | |||
Total paid-in capital | $ | ||
Retained earnings | |||
Total | $ | ||
Deduct treasury stock (3,300 shares at cost) | |||
Total stockholders' equity: | $ |
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