Question

The following account balances can be found in the general ledger of McKinney de Garcia Energy Products Corporation at year end. Prepare the shareholders’ equity section of the balance sheet.
Retained earnings ................... $ 320,000
Treasury stock (5,000 common shares at cost) ........ 45,000
Common stock ($1 par, 600,000 shares authorized,
275,000 shares issued) ................. 275,000
Additional paid-in capital, common stock ......... 1,787,500
Preferred stock ($6 par value, 10%, 80,000 shares authorized,
25,000 shares issued) ................. 150,000
Additional paid-in capital, preferred stock ........ 25,000



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  • CreatedSeptember 01, 2014
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