Question

Concord Corporation has issued 110,000 shares of $4 par value common stock. It had authorized 492,000 shares. The paid-in capital in excess of par value on the common stock is $259,000. The corporation has reacquired 6,400 shares at a cost of $52,000 and is currently holding those shares. It also had accumulated other comprehensive income of $68,000. The corporation also has 1,600 shares issued and outstanding of 10%, $103 par value preferred stock. It authorized 9,200 shares. The paid-in capital In excess of par value on the preferred stock is $29,900. Retained earnings is $369,000.
Prepare the stockholders' equity section of the balance sheet.

Answer 1

Answer and Explanation:

The preparation of the stockholder equity section of the balance sheet is presented below:

Preferred stock (1,600 shares × $103) $164,800

Common stock (110,000 shares × $4) $440,000

Paid in capital in excess of par- preferred stock $29,900

Paid in capital in excess of par- common stock $259,000

Retained earnings $369,000

Accumulated other comprehensive income $68,000

Less: treasury stock -$52,000

Stockholder equity $1,278,700