Jennifer Corporation has issued 300,000 shares of $3 par value common stock. It authorized 600,000 shares. The paid-in capital in excess of par on the common stock is $380,000. The corporation has reacquired 15,000 shares at a cost of $50,000 and is currently holding those shares. Treasury stock was reissued in prior years for $72,000 more than its cost.
The corporation also has 4,000 shares issued and outstanding of 8%, $100 par value preferred stock. It authorized 10,000 shares. The paid-in capital in excess of par on the preferred stock is $25,000. Retained earnings is $610,000.
Prepare the stockholders’ equity section of the balance sheet.
Present capital stock first; list preferred stock before common stock.
Present additional paid-in capital after capital stock.
Report retained earnings after capital stock and additional paid-in capital.
Deduct treasury stock from total paid-in capital and retained earnings.
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