Udall Corporation€™s post-closing trial balance at December 31, 2007 was as follows:

At December 31, 2007 Udall had the following number of common and preferred shares:

The dividends on preferred stock are $4 cumulative. In addition, the preferred stock has a preference in liquidation of $50 per share.

Required
Prepare the stockholders€™ equity section of Udall€™s balance sheet at December 31,2007.

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Debit Credit Accounts payable Accounts receivable Accumulated depreciation-building and equipment Additional paid-in capital-common $ 290,000 $550,000 200,000 In excess of par value From sale of treasury stock Allowance for doubtful accounts Bonds payable Building and equipment 1,560,000 250,000 30,000 400,000 1, 100,000 220,000 Common stock (S1 par value) Dividends payable on preferred stock-cash Inventories 150,000 4,000 620,000 380,000 285,000 215,000 Long-term equity securities (at market) Marketable equity securities (at market) Preferred stock ($50 par value) Prepaid expenses Retained earnings Treasury stock-common (at cost) Unrealized decrease in value of available-for-sale securities 500,000 40,000 231,000 180,000 25,000 $3,615,000 $3,615,000 Preferred 50,000 Authorized Issued Outstanding Common 500,000 150,000 140,000 10.000 10,000