The ledger of Marquina Corporation contains the ollowing stockholders\' equity a

Question

The ledger of Marquina Corporation contains the ollowing stockholders' equity accounts at December 31, 2017 Preferred Stock (8%, $30 par, noncumulative) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Common Stock ($10 stated value) Retained Eamings Treasury Stock-Common (9,000 shares) 540,000 410,000 500,000 950,000 800,000 288,000 Instructions: Prepare the stockholders' equity section of the balance sheet at December 31, 2017 assuming that the number of authorized common stock shares is 120,000 and the number of authorized preferred shares is 40,000. Note: Write clearly and use proper labels [do not abbreviate]. To earn full credit you must write down the appropriate levels for each shown amount. MARQUINA CORPORATION Balance Sheet (Partial) December 31, 2017 STOCKHOLDERS EQUITY

Explanation / Answer

Marquina Corporation Balance Sheet (Partial) Stockholder’s Equity Paid-in Capital Common stock, $10 Stated Value (120,000 shares authorized, 95,000 issued) $950,000.00 Additional Paid in capital excess of stated value-Common Stock $500,000.00 8% Non cumulative Preferred stock, $30 Pard Value (40,000 shares authorized, 18,000 issued) $540,000.00 Additional Paid in capital excess of Par value- Preferred Stock $410,000.00 Total Paid-in Capital $2,400,000.00 Retained earnings $800,000.00 Less: Treasury stock (9,000 shares at cost) -$288,000.00 Total Stockholders’ equity $2,912,000.00

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