Inge Co. had the following accounts (among others) in its general ledger at December 31, 2020: Bonds
Question:
Inge Co. had the following accounts (among others) in its general ledger at December 31, 2020:
Bonds payable, 8%, due in 5 years ………………………………… $ 80,000
Premium on bonds payable …………………………………………. 8,000
Additional paid-in capital, preferred stock …………………………. 17,600
Net gain on foreign currency translation …………………………… 41,000
Cash dividend payable, common stock ……………………………. 9,000
Stock dividend distributable, common stock ………………………. 10,000
Sinking fund …………………………………………………………… 37,000
Additional paid-in capital, common stock ………………………….. 32,400
Net actuarial loss on pension obligation …………………………… 11,000
Investment in U.S. Treasury notes …………………………………. 24,000
Treasury stock, common stock, at cost of $100 per share ………. 60,000
Preferred stock, $10 par value, 6%, 100,000 shares authorized, ? shares issued, ? shares outstanding ………….. 200,000
Reserve for sinking fund …………………………………………….. 37,000
Retained earnings, unappropriated ………………………………… 263,000
Common stock, $ ? stated value, ? shares issued, 24,400 shares outstanding …................................................... 100,000
Using the applicable information from the above listing, prepare a statement of shareholders’ equity for Inge Co., as of December 31, 2020.
Accounting Principles
ISBN: 978-1119048503
7th Canadian Edition Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak