Teller Corporation's post-closing trial balance at December 31, 2010, was as follows. At December 31, 2010, Teller had the following number of common and preferred shares.
Common Preferred
Authorized 600,000 60,000
Issued 200,000 10,000
Outstanding 190,000 10,000
The dividends on preferred stock are $4 cumulative. In addition, the preferred stock has a preference in liquidation of $50 per share. Prepare the stockholders' equity section of Teller's balance sheet at December 31, 2010. (AICPAadapted)
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