Question

Your answer is partially correct. Try again. The following accounts appear in the ledger of Sunland Company after the books are closed at December 31, 2019: Common Stock, no par, $2 stated value, 390,000 shares authorized; 275,000 shares issued Common Stock Dividends Distributable Paid-in Capital in Excess of Stated Value-Common Stock Preferred Stock, $6 par value, 8%, 41,000 shares authorized; 25,400 shares issued Retained Earnings Treasury Stock (12,400 common shares) Paid-in Capital in Excess of Par-Preferred Stock Accumulated Other Comprehensive LOSS $ 550,000 34,000 1,190,000 152,400 759,000 88,040 350,000 27,000 Prepare the stockholders' equity section at December 31, 2019, assuming retained earnings is restricted for plant expansion in the amount descriptive information.) Sunland Company Balance Sheet (Partial) December 31, 2019 Stockholders' Equity Paid-in Capital

Answer 1

Solution:

Partial Balance Sheet
December 31, 2017
Stockholders' Equity:
Paid in Capital:
Capital Stock:
Preferred Stock		$1,52,400
Common Stock	$5,50,000
Common Stock Dividend distributable	$34,000
		$5,84,000
Total capital Stock		$7,36,400
Additional Paid in Capital:
Paid in Capital in excess of Par -Preferred Stock	$3,50,000
Paid in Capital in excess of Stated value -Common Stock	$11,90,000
Total Additional paid in Capital		$15,40,000
Total paid in Capital		$22,76,400
Retained earnings		$7,59,000
Subtotal		$30,35,400
Less: Accumulated other comprehensive loss		$27,000
Less: Treasury Stock		$88,040
Total Stockholders Equity		$29,20,360