Given below is information for the Stockholder Equity section of Alpha Balance S

Question

Given below is information for the Stockholder Equity section of Alpha Balance Sheet as of December 13, 2016

• 8% Preferred stock, $100 par value, 10,000 shares authorized, 5,000 shares issued and outstanding.

• Common stock, no par, $2 stated value, 500,000 shares authorized, 204,000 shares issued and outstanding

• Additional paid-in capital:

i) Preferred stock in excess of par value is $34,000

ii) Common stock in excess of stated value is $437,000

Requirements Prepare a Stockholders’ section of Alpha classified balance sheets of December 31, 2016.

Explanation / Answer

Prepare a Stockholders’ section of Alpha classified balance sheets of December 31, 2016.

Contributed capital Common stock, no par, $2 stated value, 500,000 shares authorized, 204,000 shares issued and outstanding 408000 8% Preferred stock, $100 par value, 10,000 shares authorized, 5,000 shares issued and outstanding. 500000 908000 Additional paid in capital Paid in capital in excess of stated value-common stock 437000 Paid in capital in excess of par value-Preferred stock 34000 471000 Total paid in capital 1379000

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