Exercise 11-20 Your answer is partially correct. Try again The following account

Question

Exercise 11-20 Your answer is partially correct. Try again The following accounts appear in the ledger of Horner Inc. after the books are closed at December 31 Common Stock, no par, $1 stated value, 382,800 shares authorized; 321,500 shares issued 321,500 Common Stock Dividends Distributable Paid-in Capital in Excess of Stated Value-Common Stock Preferred stock, $6 par value, 8%, 35,330 shares authorized: 25,890 shares issued Retained Earnings Treasury Stock (11,700 common shares) Paid-in Capital in Excess of Par-Preferred Stock 32,130 1,134,700 155,340 759,000 93,600 344,530 Prepare the stockholders' equity section at December 31, assuming retained earnings is restricted for plant expansion in the amount of $119,580. (Enter account name only and do not provide descriptive information.) HORNER INC. Balance Sheet (Partial) December 31, 200 Stockholders' Equity Paid-in Capital Capital Stock Preferred Stock 155340 Common Stock 321500 Common Stock Dividen 32130 289370 Total Capital Stock 444710 Additional Paid-in Capital Paid-in Capital in Exces Paid-in Capital in Exces Total Capital Stock Total Paid-in Capital 344530 1134700 1479230 1523940 Retained Earnings 759000 Total Paid-in Capital and Retained Earnings 2282940 Less . Treasury Stock 93600 Total Stockholders' Equity 2189340

Explanation / Answer

Stockholder's equity :

Shareholder's equity Paid in capital Capital stock Preferred stock 155340 Common stock 321500 Common stock dividend distributable 32130 353630 Total capital stock 508970 Additional paid in capital Paid in capital in excess of par value-preferred stock 344530 Paid in capital in excess of stated value-common stock 1134700 Total additional paid in capital 1479230 Total paid in capital 1988200 Retained earnings 759000 Total paid in capital and retained earnings 2747200 Less: Treasury stock (93600) Total stockholder's equity 2653600

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