Do It! Review 11-4a Ayayai Corp. has issued 98,000 shares of $6 par value common

Question

Do It! Review 11-4a Ayayai Corp. has issued 98,000 shares of $6 par value common stock. It was authorized 503,000 shares. The paid-in capital in excess of par value on the common stock is $269,000. The corporation has reacquired 6,200 shares at a cost of $55,000 and is currently holding those shares. It also had accumulated other comprehensive income of $64,000. The corporation also has 1,600 shares issued and outstanding of 9%, $104 par value preferred stock. It authorized 10,200 shares. The paid-in capital in excess of par value on the preferred stock is $24,800. Retained earnings is $373,000. Prepare the stockholders’ equity section of the balance sheet. (Enter account name only and do not provide descriptive information.) AYAYAI CORP. Balance Sheet (Partial) $ $ : $ By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor.

Explanation / Answer

AYAYAI CORP Balance Sheet (Partial):

Shareholder's equity Amount In $ Amount in $ Common stock (paid -in -equity) (588,000 - 269,000 excess paid) 319,000 9%, $104 par value preferred stock (1,600shares * $104Par value per share) 166,400 Total capital stock 485,400 Additional paid-in capital Paid-in capital in excess of par value—preferred stock 24,800 Paid-in capital in excess of par value—common stock 269,000 Total additional paid-in capital 293,800 Total paid-in capital 779.200 Retained earnings 373,000 Accumulated Other Comprehensive Income 64,000 Less: Treasury stock (6,200 common shares) (at cost) (55,000) Total stockholders’ equity 1,161,200

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