Garcia Corporation has the following accounts at December 31: Common Stock, $10 par, 5,000 shares issued, $50,000; Paid-in Capital in Excess of Par-Common Stock $32,000; Retained Earnings $45,000; and Treasury Stock, 500 shares, $9,000. Prepare the stockholders' equity section of the balance sheet.

Chapter 11, Brief Exercises #12

Garcia has the following accounts at December 31: Common Stock, $10 par, 5,000 shares issued, $50,000; Paid-in Capital in Excess of Par-Common Stock $32,000; Retained Earnings $45,000; and Treasury Stock, 500 shares, $9,000. Prepare the stockholders' equity section of the balance sheet.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...