The stockholders\' equity section of Kay Corporation at December 31, 2018 includ

Question

 The stockholders' equity section of Kay Corporation at December 31, 2018 included the following accounts:  Preferred stock (9%, $30 par, 8,000 shares issued & outstanding) ....  $240,000  Common stock ($8 par, 65,000 shares issued, 61,000 shares outstanding   520,000 Paid-in capital – preferred stock ...................................      ? Paid-in capital – common stock ......................................   584,000 Retained earnings ...................................................   152,000 Treasury stock (4,000 shares at $15  cost) ..........................    60,000 Paid-in capital – treasury stock ....................................    18,000   Assume the preferred stock was issued for an average price of $48 per share.  Calculate the total stockholders' equity at December 31, 2018. Do not use decimals in your answer. 

Explanation / Answer

Preferred stock 240000 Common stock 520000 Paid-in capital – preferred stock 144000 =8000*(48-30) Paid-in capital – common stock 584000 Retained earnings 152000 Treasury stock -60000 Paid-in capital – treasury stock 18000 Total stockholders' equity at December 31, 2018 1598000

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