Vega Corporation\'s December 31, 2015 balance sheet showed the following: 8% pre

Question

Vega Corporation's December 31, 2015 balance sheet showed the following: 8% preferred stock, $20 par value, cumulative, 10,000 shares authorized; 8,500 shares issued $ 170,000 Common stock, $10 par value, 1,000,000 shares authorized; 950,000 shares issued, 940,000 shares outstanding 9,500,000 Paid-in capital in excess of par-preferred stock 34,000 Paid-in capital in excess of par-common stock 11,500,000 Retained earnings 3,750,000 Treasury stock (15,000 shares) 315,000 Vega's total stockholders' equity was?

Explanation / Answer

Not adding up!. Treasury stock 15,000 shares. Where did 5,000 extra come from ? Preferred stock??

$ $ Capital stock Preferred stock, 8%, cumulative, $ 20 par, 8,500 issued 170,000 Common stock, $ 10 par value, 950,000 issued 9,500,000 9,670,000 Paid-in capital in excess of par: Preferred stock 34,000 Common stock 11,500,000 11,534,000 Retained earnings 3,750,000 Treasury stock (315,000) Total stockholders' equity 24,639,000

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