Question

Premium Imports Inc. retails racing products for BMWs, Porsches, and Ferraris.
The following accounts and their balances appear in the ledger of Premium Imports Inc. on November 30, the end of the current year:
Common Stock, $8 par .............. $ 3,200,000
Paid-In Capital in Excess of Par—Common Stock ..... 700,000
Paid-In Capital in Excess of Par—Preferred Stock ..... 182,000
Paid-In Capital from Sale of Treasury Stock—Common .. 150,000
Preferred 2% Stock, $80 par ............. 2,080,000
Retained Earnings ................ 17,250,000
Treasury Stock—Common .............. 744,000

Forty thousand shares of preferred and 500,000 shares of common stock are authorized. There are 62,000 shares of common stock held as treasury stock.
Prepare the Stockholders’ Equity section of the balance sheet as of November 30, the end of the current year.



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  • CreatedFebruary 04, 2014
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