Exercise 240 The following are selected accounts and balances from the records o

Question

Exercise 240 The following are selected accounts and balances from the records of Doran Corporation on June 30, 2017 Common Stock, $10 par value, 75,000 shares authorized, 54,000 shares issued Paid-in Capital in Excess of Par Value-Common Stock Preferred Stock, $100 par value, 8%, 3,000 shares authorized and issued Retained Earnings Treasury Stock (10,000 common shares) Paid-in Capital in Excess of Par Value- Preferred Stock $540,000 150,000 300,000 280,000 150,000 30,000 Prepare in proper form the stockholders' equity section of the balance sheet. DORAN CORPORATION Balance Sheet (Partial) June 30, 2017 Stockholders' Equity Paid-in Capital Capital Stock

Explanation / Answer

DORAN CORPORATION Balance Sheet (partial) As at June 30, 2017 Stockholders' equity Paid in capital Capital stock Preferred Stock (8%, $100 par) $     300,000 Common stock ($10 par value, 75,000 authorized and 54,000 issued) $     540,000 Total capital stock $     840,000 Additional paid in capital In excess of par value - preferred stock $    30,000 In excess of par value - common stock $ 150,000 Total additional paid in capital $     180,000 Total paid in capital $ 1,020,000 Retained earnings $     280,000 Total paid in capital and retained earnings $ 1,300,000 Less: Treasury stock (10,000 common shares) $   (150,000) Total stockholders' equity $ 1,150,000

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