Sunland Corporation’s December 31, 2017 balance sheet showed the following: Sunl

Question

Sunland Corporation’s December 31, 2017 balance sheet showed the following:

Sunland’s total stockholders’ equity was

8% preferred stock, $20 par value, cumulative, 9400 shares authorized; 7900 shares issued $ 158000 Common stock, $10 par value, 1050000 shares authorized; 1000000 shares issued, 990000 shares outstanding 10000000 Paid-in capital in excess of par—preferred stock 35500 Paid-in capital in excess of par—common stock 11610000 Retained earnings 3740000 Treasury stock (15100 shares) 317100

Explanation / Answer

Answer is Option (3) $25,226,400 Total Stock holder Equity Amount in $ 8% preferred stock, $20 par value, 7900 Issued 158000 Common stock, $10 par value1000000 shares issued 10000000 Paid-in capital in excess of par—preferred stock 35500 Paid-in capital in excess of par—common stock 11610000 Total paid In capital 21803500 Retained earnings 3740000 25543500 Treasury stock (15100 shares) -317100 Total Share holders Equity 25226400

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