The accounts and balances that follow are from Hastings Corporations records on December 31, 2014. Preferred Stock,

Question:

The accounts and balances that follow are from Hastings Corporation’s records on December 31, 2014.
Preferred Stock, $100 par value, 9 percent cumulative, 10,000 shares authorized,
6,000 shares issued and outstanding ............... $600,000
Common Stock, $12 par value, 45,000 shares authorized, 30,000 shares issued,
and 28,500 shares outstanding ................. 360,000
Additional Paid-in Capital .................. 194,000
Retained Earnings ...................... 23,000
Treasury Stock, Common (1,500 shares, at cost) .......... 30,000
Prepare the stockholders’ equity section of Hastings’ as of December 31, 2014.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...