The following stockholders\' equity accounts arranged alphabetically are in the

Question

The following stockholders' equity accounts arranged alphabetically are in the ledger of McGrath Corporation at December 31, 2011.

Common Stock ($10 stated value) $1,500,000
Paid-in Capital from Treasury Stock 6,000
Paid-in Capital in Excess of Stated Value-Common Stock 690,000
Paid-in Capital in Excess of Par Value-Preferred Stock 288,400
Preferred Stock (8%, $100 par, noncumulative) 400,000
Retained Earnings 776,000
Treasury Stock-Common (8,000 shares) 88,000


Complete the stockholders' equity section at December 31, 2011. (List entries by the format used in the text. Enter all amounts as positive amounts and subtract where necessary.)

Explanation / Answer

MCGRATH CORPORATION Stockholders' Equity December 31, 2011 Capital stock Preferred stock (8%, $100 par, noncumulative) . . . . . . . . . . . . . . . .$ . 400,000 Common stock ($10 stated value) . . . . . . . . . . . . . . . . . . . . . . . . . .1,500,000 Total capital stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1,900,000 Additional paid-in capital Paid-in Capital in Excess of Par Value-Preferred Stock . . .$288,400 Paid-in Capital in Excess of Stated Value-Common Stock . 690,000 Paid-in Capital from Treasury Stock . . . . . . . . . . . . . . . . . . .6,000 . . .984,400 Total paid-in capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,884,400 Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .776,000 Total paid-in capital and retained earnings . . . . . . . . . . . . . . . . . . . . 3,660,400 Less: Treasury stock-common (8,000 shares) . . . . . . . . . . . . . . . . . . . .88,000 Total stockholders' equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,572,400

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