Stockholders' equity section of balance sheet
List the errors in the following Stockholders' Equity section of the balance sheet prepared as of the end of the current year.
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Stockholders' Equity
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Paid-in capital:
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Preferred 1% stock, $200 par (25,000 shares authorized and issued)
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$5,000,000
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Excess of issue price over par
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75,000
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$5,075,000
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Retained earnings
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41,750,000
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Treasury stock (45,000 shares at cost)
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648,000
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Dividends payable
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175,000
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Total paid-in capital
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$47,648,000
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Common stock, $14 par (800,000 shares authorized, 500,000 shares issued)
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7,600,000
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Organizing costs
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250,000
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Total stockholders' equity
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$55,498,000
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