Exercise 8-26 practice problems

Exercise 8-26 Stockholders' Equity Section of Balance Sheet Premium Imports Inc. retails racing products for BMWs, Porsches, and Ferraris. The following accounts and their balances appear in the ledger of Premium Imports Inc. on November 30, the end of the current year: Common Stock, $8 par Paid-In Capital in Excess of Par-----Common Stock Paid-In Capital in Excess of Par-----Preferred Stock Paid-In Capital from Sale of Treasury Stock-----Common Preferred 2% Stock, $80 par Retained Earnings Treasury Stock-----Common $3,200,000 700,000 182,000 150,000 2,080,000 17,250,000 744,000 Forty thousand shares of preferred and 500,000 shares of common stock are authorized. There are 62,000 shares of common stock held as treasury stock. Prepare the Stockholders' Equity section of the balance sheet as of November 30, the end of the current year