The following accounts appear in the ledger of Sather Inc. after the books are closed at December 31, 2012.
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Common Stock (no-par, $1 stated value, 400,000 shares
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|
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authorized, 250,000 shares issued)
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$ 250,000
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Paid-in Capital in Excess of Stated Value-Common Stock
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1,200,000
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Preferred Stock ($50 par value, 8%, 40,000 shares authorized,
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14,000 shares issued)
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700,000
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Retained Earnings
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920,000
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Treasury Stock (9,000 common shares)
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64,000
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Paid-in Capital in Excess of Par Value-Preferred Stock
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24,000
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Instructions
Prepare the stockholders" equity section at December 31, assuming $100,000 of retained earnings is restricted for plant expansion. (Use Note R.)