Problem $11\mathrm{.}1$A $($Static$)$ Stockholders' Equity in a Balance Sheet $($LO$11-4,$ LO$11-5,$ LO$11-6)$

Early in $2018,$ Robbinsville Press was organized with authorization to issue $100,000$ shares of $$100$ par value preferred stock and $500,000$ shares of $$1$ par value common stock. Ten thousand shares of the preferred stock were issued at par, and $170,000$ shares of common stock were sold for $$15$ per share. The preferred stock pays an $8$ percent cumulative dividend.

During the first four years of operations $(2018$ through $2021),$ the corporation earned a total of $$1,385,000$ and paid dividends of $75$ cents per share in each year on its outstanding common stock.

Required:

a$.$ Prepare the stockholders' equity section of the balance sheet at December $31,2021.$

b$.$ Are there any dividends in arrears on the company's preferred stock at December $31,2021?$

Complete this question by entering your answers in the tabs below.

Required A

Prepare the stockholders' equity section of the balance sheet at December $31,2021.$

ROBBINSVILLE PRESS

Partial Balance Sheet

December $31,2021$