The stockholders equity accounts of Wildhorse Co on January 1, 2020, were as follows Preferred Stock (8 , $52 par, cumulative, 11,000 shares authorized) $ 442,000 Common Stock ($1 stated value, 1,950,000 shares authorized) 1,100,000 Paid in Capital in Excess of ParPreferred Stock 100,000 Paid in Capital in Excess of Stated ValueCommon Stock 1,450,000 Retained Earnings 1,750,000 Treasury Stock (10,000 common shares) 40,000 During 2020, the corporation had the following transactions and events pertaining to its stockholders equity Feb 1 Issued 26,000 shares of common stock for $119,000 Apr 14 Sold 5,600 shares of treasury stockcommon for $32,000 Sept 3 Issued 4,700 shares of common stock for a patent valued at $34,300 Nov 10 Purchased 1,000 shares of common stock for the treasury at a cost of $5,900 Dec 31 Determined that net income for the year was $435,000 No dividends were declared during the year Prepare a stockholders' equity section at December 31,2020, indluding the disclosure of the preferred dividends in arrears (Enter the acc Wildhorse Co Balance Sheet (Partial) December 31, 2020 Less Treasury Stock

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Posted on Sep 04, 2024

The stockholders equity accounts of Wildhorse Co. on January 1, 2020, were as follows. Preferred Stock (8%, $52 par, cumulative, 11,000 shares authorized) $ 442,000

The stockholders equity accounts of Wildhorse Co. on January 1, 2020, were as follows.

Preferred Stock (8%, $52 par, cumulative, 11,000 shares authorized)		$ 442,000
Common Stock ($1 stated value, 1,950,000 shares authorized)		1,100,000
Paid-in Capital in Excess of ParPreferred Stock		100,000
Paid-in Capital in Excess of Stated ValueCommon Stock		1,450,000
Retained Earnings		1,750,000
Treasury Stock (10,000 common shares)		40,000

During 2020, the corporation had the following transactions and events pertaining to its stockholders equity.

Feb.	1	Issued 26,000 shares of common stock for $119,000.
Apr.	14	Sold 5,600 shares of treasury stockcommon for $32,000.
Sept.	3	Issued 4,700 shares of common stock for a patent valued at $34,300.
Nov.	10	Purchased 1,000 shares of common stock for the treasury at a cost of $5,900.
Dec.	31	Determined that net income for the year was $435,000.

No dividends were declared during the year.

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Prepare a stockholders' equity section at December 31,2020, indluding the disclosure of the preferred dividends in arrears. (Enter the acc Wildhorse Co Balance Sheet (Partial) December 31, 2020 Less#|: | Treasury Stock