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29 January, 22:14

The corporation assigned a $5 stated value to the common stock. At December 31, 2017, the ledger contained the following balances pertaining to stockholders' equity. Preferred Stock $150,000 Paid-in Capital in Excess of Par Value-Preferred Stock 21,000 Common Stock 1,960,000 Paid-in Capital in Excess of Stated Value-Common Stock 1,510,000 Treasury Stock (4,000 common shares) 40,000 Retained Earnings 85,000 Accumulated Other Comprehensive Income 49,000

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  1. 29 January, 22:54
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    The preparation of the partial balance sheet is shown below:

    Explanation:

    Novak Corp

    Partial Balance Sheet

    December 31, 2017

    Stockholders Equity

    Paid-in capital

    Capital stock

    8% Preferred stock, $100 par value $150,000

    Common stock, no par, $5 stated value $1,960,000

    Total capital stock $2,110,000

    Additional paid-in capital

    In excess of par - preferred stock $21,000

    In excess of stated value - common stock $1,510,000

    Total additional paid-in capital $1,531,000

    Total paid-in capital $3,641,000

    Retained earnings $85,000

    Total paid-in capital and retained earnings $3,726,000

    Accumulated other comprehensive income $49,000

    Less: Treasury stock (4,000 common shares) $ (40,000)

    Total stockholders' equity $3,735,000
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