Textbook Problem

Contributed Capital The following is a partial list of the accounts and ending account balances taken from the post-closing trial balance of Clett Corporation on December 31, 2019:

Additional information:

1. 1. The bonds payable mature on December 31, 2029. They carry a 12% interest rate, payable semiannually. The premium is being amortized using the straight-line method.
2. 2. The 7.5% preferred stock is cumulative and convertible into 3 shares of common stock. It has a par value of $100 per share, 20,000 shares are authorized, 4,000 shares are issued and outstanding, and 1,000 shares have been subscribed at $125 per share.
3. 3. The common stock has a par value of $5 per share, 100,000 shares are authorized, 30,000 shares are issued and outstanding, and 2,000 shares have been subscribed at $41 per share.

Required:

Prepare the Contributed Capital section of the December 31, 2019, balance sheet for Clett. Include appropriate parenthetical notes for the common and preferred stock.