The following stockholders\' equity accounts arranged alphabetically are in the

Question

The following stockholders' equity accounts arranged alphabetically are in the ledger of Tyner Corporation at December 31, 2010.

Common Stock ($5 stated value) $2,000,000
Paid-in Capital from Treasury Stock 10,000
Paid-in Capital in Excess of Stated Value-Common Stock 1,600,000
Paid-in Capital in Excess of Par Value-Preferred Stock 679,000
Preferred Stock (8%, $50 par, noncumulative) 800,000
Retained Earnings 1,748,000
Treasury Stock-Common (10,000 shares)

Prepare a stockholders' equity section at December 31, 2010. (For multiple entries, refer to the example on page 589 DO IT! in the textbook for the proper order.)

Explanation / Answer

Preferred Stock (8%, $50 par, 16,000 shares issued and outstanding) $800,000 Common Stock ( $5 stated value, 400,000 shares issued and 390,000 outstanding) 2,000,000 Total capital stock $2,800,000 Paid-in Capital in Excess of Par Value - Preferred Stock 679,000 Paid-in Capital in Excess of Stated Value - Common Stock 1,600,000 Paid-in Capital from Treasury Stock 10,000    Total additional paid-in capital 2,289,000    Total paid-in capital 5,089,000 Retained Earnings 1,748,000    Total paid-in capital and retained earnings 6,837,000 Less: Treasury Stock - Common Stock (10,000 shares) (130,000) Total stockholders’ equity $6,707,000

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