Metlock Company reported the following balances at December 31, 2019: common stock $575,000; paid-in capital in...

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Metlock Company reported the following balances at December 31, 2019: common stock $575,000; paid-in capital in excess of par value $115,000; retained earnings $350,000. During 2020, the following transactions affected stockholders' equity. 1. Issued preferred stock with a par value of $158,000 for $202,000. 2. Purchased treasury stock (common) for $44,500. 3. Earned net income of $165,000. 4. Declared and paid cash dividends of $75,000. Prepare the stockholders' equity section of Metlock Company's December 31, 2020, balance sheet. METLOCK COMPANY Balance Sheet (Partial) A EA Metlock Company reported the following balances at December 31, 2019: common stock $575,000; paid-in capital in excess of par value $115,000; retained earnings $350,000. During 2020, the following transactions affected stockholders' equity. 1. Issued preferred stock with a par value of $158,000 for $202,000. 2. Purchased treasury stock (common) for $44,500. 3. Earned net income of $165,000. 4. Declared and paid cash dividends of $75,000. Prepare the stockholders' equity section of Metlock Company's December 31, 2020, balance sheet. METLOCK COMPANY Balance Sheet (Partial) A EA

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