Question - Prepare journal stockholders equity section of balance sheet as of December 31, 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:
- Preferred stock in excess of par value is $34,000
- Common stock in excess of stated value is $437,000.