The following accounts appear in the ledger of Horner Inc. after the books are closed at December 31, 2019.
Common Stock, no par, $1 stated value, 400,000 shares authorized;
300,000 shares issued.................................................................$ 300,000
Common Stock Dividends Distributable..............................................30,000
Paid-in Capital in Excess of Stated Value-Common Stock...................1,200,000
Preferred Stock, $5 par value, 8%, 40,000 shares authorized;
30,000 shares issued.....................................................................150,000
Retained Earnings.......................................................................800,000
Treasury Stock (10,000 common shares)..............................................74,000
Paid-in Capital in Excess of Par-Preferred Stock.................................344,000
Accumulated Other Comprehensive Loss.............................................31,000
Instructions
Prepare the stockholders' equity section at December 31, 2019, assuming retained earnings is restricted for plant expansion in the amount of $100,000 (use Note R).