Question 3 3 pts The stockholders\' equity section of Kay Corporation at Decembe

Question

Question 3 3 pts 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) Common stock ($8 par, 65,000 shares issued, 61,000 shares outstanding 520,0 $240,0 7 Paid-in capital - common stochk . . . 152,0 60,0 18,0 Treasury stock (4,000 shares at $15 cost) 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

Computation of Total stockholder's equity at December 31, 2018

Preferred stock $240000

Common stock $520000

Paid in capital - preferred stock $144000

Paid in capital - common stock $584000

Retained earnings $152000

Treasury stock ($60000)

Paid in capital - treasury stock ($18000)

Total stockholders equity $1562000.

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