Stockholders' Equity Section of Balance Sheet The following Stockholders' Equity section of the balance sheet prepared as of the end of the current year contains errors. Stockholders’ Equity Paid-in capital:     Preferred 2% stock, $80 par (125,000 shares authorized and issued) $10,000,000   Excess of issue price over par 500,000   Paid-in capital, preferred stock   $10,500,000 Retained earnings   96,700,000 Treasury stock (75,000 shares at cost)   1,755,000 Dividends payable   430,000    Total paid-in capital   $109,385,000 Common stock, $20 par (1,000,000 shares authorized, 825,000 shares issued)   17,655,000 Organizing costs   300,000 Total stockholders' equity   $127,340,000 Prepare a corrected Stockholders' Equity section.

College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter20: Corporations: Organization And Capital Stock
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Problem 5SEA: STOCKHOLDERS EQUITY SECTION After closing its books on December 31, Pro Parts stockholders equity...
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Stockholders' Equity Section of Balance Sheet

The following Stockholders' Equity section of the balance sheet prepared as of the end of the current year contains errors.

Stockholders’ Equity
Paid-in capital:    
Preferred 2% stock, $80 par (125,000 shares authorized and issued) $10,000,000  
Excess of issue price over par 500,000  
Paid-in capital, preferred stock   $10,500,000
Retained earnings   96,700,000
Treasury stock (75,000 shares at cost)   1,755,000
Dividends payable   430,000
   Total paid-in capital   $109,385,000
Common stock, $20 par (1,000,000 shares authorized, 825,000 shares issued)   17,655,000
Organizing costs   300,000
Total stockholders' equity   $127,340,000

Prepare a corrected Stockholders' Equity section.

 
Stockholders' Equity
 
Paid-In Capital:    
  $  
     
    $
  $  
     
     
Total paid in capital   $
     
Total   $
     
Total stockholders' equity   $
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