The following stockholders" equity accounts, arranged alphabetically, are in the ledger of Patel Corporation at December 31, 2012.
|
Common Stock ($2 stated value)
|
$1,600,000
|
|
Paid-in Capital in Excess of Par Value-Preferred Stock
|
45,000
|
|
Paid-in Capital in Excess of Stated Value-Common Stock
|
1,050,000
|
|
Preferred Stock (8%, $100 par, noncumulative)
|
600,000
|
|
Retained Earnings
|
1,334,000
|
|
Treasury Stock-Common (12,000 shares)
|
72,000
|
Instructions
Prepare the stockholders" equity section of the balance sheet at December 31, 2012.