Current Attempt in Progress

Flounder Corporation's post-closing trial balance at December 31, 2020, is shown as follows.

FLOUNDER CORPORATION POST-CLOSING TRIAL BALANCE DECEMBER 31, 2020
		Dr.		Cr.
Accounts payable				$405,100
Accounts receivable		$513,000
Accumulated depreciationbuildings				195,000
Additional paid-in capital in excess
of parcommon				1,310,000
From treasury stock				150,000
Allowance for doubtful accounts				27,000
Bonds payable				292,000
Buildings		1,489,000
Cash		203,000
Common stock ($1 par)				195,000
Dividends payable (preferred stockcash)				3,900
Inventory		579,000
Land		392,000
Preferred stock ($50 par)				550,000
Prepaid expenses		42,000
Retained earnings				271,000
Treasury stock (common at cost)		181,000
Totals		$3,399,000		$3,399,000

At December 31, 2020, Flounder had the following number of common and preferred shares.

		Common		Preferred
Authorized		585,000		66,000
Issued		195,000		11,000
Outstanding		164,000		11,000

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