The stockholders' equity section of Kay Corporation at December 31, 2018 included the following accounts:

Preferred stock (9%, $30 par, 8,000 shares issued & outstanding) ............................$240,000

Common stock ($8 par, 65,000 shares issued, 61,000 shares outstanding…………...520,000

Paid-in capital – preferred stock .............................................................................................?

Paid-in capital – common stock ...................................................................................584,000

Retained earnings .........................................................................................................152,000

Treasury stock (4,000 shares at $15 cost).......................................................................60,000

Paid-in capital – treasury stock………………………...................................................18,000

Assume the preferred stock was issued for an average price of $48 per share.

Calculate the total stockholders' equity at December 31, 2018.

Answer rating: 100% (QA)

Preferred stock 240000 Common stock 520000 Paidin ca... View the full answer