Kalmia Corporation has issued 440,000 common shares with a declared value of $5.Authorized 600,000 shares.The paid-up capital
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Question:
Kalmia Corporation has issued 440,000 common shares with a declared value of $5. Authorized 600,000 shares. The paid-up capital in excess of par for the common shares is $800,000. The corporation purchased 10,000 shares at a cost of $120,000.
The corporation also has 5,000 shares issued and outstanding preferred shares with a par value of 8%. Authorized 5,000 shares. Paid-in capital in excess of par value of preferred stock is $280,000. Retained earnings is $1,334,000.
Required:
Prepare the stockholders' equity section of the balance sheet as of December 31, 2020.
Related Book For
College Accounting Chapters 1-30
ISBN: 978-1259631115
15th edition
Authors: John Price, M. David Haddock, Michael Farina
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