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

Question

The following stockholders' equity accounts arranged alphabetically are in the ledger of Tyner Corporation at December 31, 2010.

Common Stock ($5 stated value) $2,000,000
Paid-in Capital from Treasury Stock 10,000
Paid-in Capital in Excess of Stated Value-Common Stock 1,600,000
Paid-in Capital in Excess of Par Value-Preferred Stock 679,000
Preferred Stock (8%, $50 par, noncumulative) 800,000
Retained Earnings 1,748,000
Treasury Stock-Common (10,000 shares) 130,000


Instructions

Prepare a stockholders' equity section at December 31, 2010.

Explanation / Answer

authorized = $2M / $5 = 400,000 shares issued = 400,000 - 10,000 = 390,000 outstanding common and preferred = 390,000 + 800,000/50 = 406,000

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