Teller Corporation?s post-closing trial balance at December 31, 2020, was as follows.

At December 31, 2020, Teller had the following number of ordinary and preference shares.

The dividends on preference shares are $4 cumulative. In addition, the preference shares have a preference in liquidation of $50 per share.

Instructions

Prepare the equity section of Teller?s statement of financial position at December 31, 2020.

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Teller Corporation Post-Closing Trial Balance December 31, 2020 Dr. Cr. $ 310,000 Accounts payable $ 480,000 Accounts receivable 185,000 30,000 700,000 Accumulated depreciation-building and equipment Allowance for doubtful accounts Bonds payable Building and equipment 1,450,000 Cash 190,000 Dividends payable on preference shares-cash 4,000 Inventories 560,000 Land 400,000 Prepaid expenses Retained earnings Share capital-ordinary ($1 par value) Share capital-preference ($50 par value) Share premium-ordinary Share premium-treasury Treasury shares-ordinary at cost 40,000 201,000 200,000 500,000 1,000,000 160,000 170,000 $3,290,000 $3,290,000 Totals Ordinary Preference 60,000 Authorized Issued 600,000 200,000 10,000 Outstanding 190,000 10,000