Exercise 11-20 The following accounts appear in the ledger of Cheyenne Corp. aft

Question

Exercise 11-20 The following accounts appear in the ledger of Cheyenne Corp. after the books are closed at December 31, 2019 Common Stock, no par, $2 stated value, 399,000 shares authorized; 296,000 shares issued 592,000 Common Stock Dividends Distributable Paid-in Capital in Excess of Stated Value-Common Stock Preferred Stock, $6 par value, 896, 35,000 shares authorized: 26,700 shares issued Retained Earnings Treasury Stock (12,400 common shares) Paid-in Capital in Excess of Par-Preferred Stock Accumulated Other Comprehensive Loss 34,000 1,160,000 160,200 839,000 97,960 49,000 26,500 Prepare the stockholders' equity section at December 31, 2019, assuming retained earnings is restricted for plant expansion in the amount of $107,000. For capital stock first enter the preferred stock details. (Enter account name only and do not provide descriptive information

Explanation / Answer

Balance Sheet (partial) December 31,2019 Stockholder's Equity Paid in capital Capital Stock 8%preferred stock,$6 par value,35,000 shares authorized,26,700 shares issued 160,200 common stock ,nopar,$2stated value,399,000 shares authorized 296,000 shares issued ; 283,600 shares outstanding 592,000 common stock dividend distributable 34,000 626,000 total capital stock 786,200 Addittional paid in capital in excess of par-preferred stock 349,000 in excess of par - common stock 1,160,000 total addittional paid in capital 1,509,000 total paid in capital 2,295,200 retained earnings (see note) 839,000 total paid in capital & retained earnings 3,134,200 Accumulated other comprehensive loss 26,500 less:Treasury stock 97,960 total stockholder's Equity 3,009,740 note :Retained earnings of the amount $107,000 was restricted for plant expansion

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