Problem - Coronado Corporation's post-closing trial balance at December 31, 2017, is shown as follows.
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CORONADO CORPORATION POST-CLOSING TRIAL BALANCE DECEMBER 31, 2017
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Dr.
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Cr.
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Accounts payable
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$ 273,600
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Accounts receivable
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$ 496,000
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Accumulated depreciation-buildings
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176,000
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Additional paid-in capital in excess
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of par-common
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1,428,000
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From treasury stock
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146,000
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Allowance for doubtful accounts
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32,000
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Bonds payable
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290,000
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Buildings
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1,466,000
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Cash
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198,000
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Common stock ($1 par)
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182,000
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Dividends payable (preferred stock-cash)
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4,400
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Inventory
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569,000
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Land
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381,000
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Preferred stock ($50 par)
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450,000
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Prepaid expenses
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42,000
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Retained earnings
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329,000
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Treasury stock (common at cost)
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159,000
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Totals
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$3,311,000
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$3,311,000
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At December 31, 2017, Coronado had the following number of common and preferred shares.
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Common
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Preferred
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Authorized
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546,000
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54,000
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Issued
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182,000
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9,000
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Outstanding
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169,000
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9,000
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The dividends on preferred stock are $4 cumulative. In addition, the preferred stock has a preference in liquidation of $50 per share.
Required - Prepare the stockholders' equity section of Coronado's balance sheet at December 31, 2017.