The following stockholders’ equity accounts, arranged alphabetically, are in the ledger of Cheyenne Corp. at December 31, 2022.Common Stock ($4 stated value) $1,440,000Paid-in Capital in Excess of Par Value—Preferred Stock 40,500Paid-in Capital in Excess of Stated Value—Common Stock 945,000Preferred Stock (8%, $100 par, noncumulative) 540,000Retained Earnings 1,200,600Treasury Stock (10,800 common shares) 64,800Prepare the stockholders’ equity section of the balance sheet at December 31, 2022.

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Asked Nov 23, 2019
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The following stockholders’ equity accounts, arranged alphabetically, are in the ledger of Cheyenne Corp. at December 31, 2022.

Common Stock ($4 stated value)   $1,440,000
Paid-in Capital in Excess of Par Value—Preferred Stock   40,500
Paid-in Capital in Excess of Stated Value—Common Stock   945,000
Preferred Stock (8%, $100 par, noncumulative)   540,000
Retained Earnings   1,200,600
Treasury Stock (10,800 common shares)   64,800


Prepare the stockholders’ equity section of the balance sheet at December 31, 2022.

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Expert Answer

Step 1

The total paid-in capital in excess of par is the sum of excess capital on equity shares and the excess capital on prefer...

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Toal paid-in capital on common stock + Toal paid-in capital = Toal paid-in capital on preferred stock = $945,000+ $40,500 = $985,500

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