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Bookmarks Window Help edugen.wileyplus.com ACCT 210 HYB A Fall 2017 edugen.wileyplus.com Print by: Ram Len ACCT 210 HYB A Fall 2017: Introduction to Financial Accounting / Module 12 Brief Exercises, Questions, Exercises Problem 11-6A (Part Level Submission) Wildhorse Co. has been authorized to issue 20,500 shares of $100 par value, 10%, noncumulative preferred stock and 1,072,400 shares of no-par common stock. The corporation assigned a s2.80 stated value to the common stock. At December 31, 2019, the ledger contained the following balances pertaining to stockholders' equity Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Treasury Stock (367 common shares) Paid-in Capital from Treasury Stock Retained Earnings Accumulated Other Comprehensive Income 100,000 45,000 1,072,400 1,723,500 ,771 549 84,500 61,000 The preferred stock was issued for land having a fair value of $145,000. All common stock issued was for cash. In November, 550 shares of common stock were purchased for the treasury at a per share cost of $13. In December 183 shares of treasury stock were sold $16 per share. No dividends were declared in 2019.

Explanation / Answer

Wildhorse Company Balance Sheet (Partial) For the year ended Dec 31, 2019 Stockholders' Equity Preferred Stock -10%, Non Cummulative - $100 Par (20,500 Shares Authorized, 1,000 Shares Issued)              100,000 Common Stock, $1 Par (1,072,400 Shares Authorized, 1,072,400 Shares Issued)          1,072,400 Total Capital Stock          1,172,400 Additional Paid in Capital - Prefererd Stock                45,000 Additional Paid in Capital - Common Stock          1,723,500 Additional Paid in Capital - Treasury Stock                      549          1,769,049 Total Paid in Capital          2,941,449 Retained Earnings                84,500 Total Paid in Capital & Retained Earnings          3,025,949 Less: Treasury Stock - 367 Shares                (4,771) Total Stockholder's Equity          3,021,178

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