the following accounts appear in the ledger of horner inc.

Project Description:

the following accounts appear in the ledger of horner inc. after the books are closed at december 31. common stock, no par, $1 stated value, 400,000 shares authorized;300,000 shares issued …………………………………………………….. $ 300,000common stock dividends distributable …………………………………. 30,000paid-in capital in excess of stated value—common stock ……………. 1,200,000 preferred stock, $5 par value, 8%, 40,000 shares authorized;30,000 shares issued ………………………………………………………. 150,000retained earnings …………………………………………………………. 800,000treasury stock (10,000 common shares) …………………………………. 74,000paid-in capital in excess of par—preferred stock ……………………….. 344,000instructionsprepare the stockholders’ equity section at december 31 assuming retained earnings is restricted for plant expansion in the amount of $100,000.
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