Comprehensive Udall Corporation’s post closing trial balance at December 31, 2007 was as follows:
|
Debit |
Credit |
|
|
Accounts payable |
$290,000 |
|
|
Accounts receivable |
$550,000 |
|
|
Accumulated depreciation—building and equipment |
200,000 |
|
|
Additional paid in capital—common |
||
|
In excess of par value |
1,560,000 |
|
|
From sale of treasury stock |
250,000 |
|
|
Allowance for doubtful accounts |
30,000 |
|
|
Bonds payable |
400,000 |
|
|
Building and equipment |
1,100,000 |
|
|
Cash |
220,000 |
|
|
Common stock ($1 par value) |
150,000 |
|
|
Dividends payable on preferred stock—cash |
4,000 |
|
|
Inventories |
620,000 |
|
|
Land |
380,000 |
|
|
Long term equity securities (at market) |
285,000 |
|
|
Marketable equity securities (at market) |
215,000 |
|
|
Preferred stock ($50 par value) |
500,000 |
|
|
Prepaid expenses |
40,000 |
|
|
Retained earnings |
231,000 |
|
|
Treasury stock—common (at cost) |
180,000 |
|
|
Unrealized decrease in value of available for sale securities |
25,000 |
|
|
Totals |
$3,615,000 |
$3,615,000 |
At December 31, 2007 Udall had the following number of common and preferred shares:
|
Common |
Preferred |
|
|
Authorized |
500,000 |
50,000 |
|
Issued |
150,000 |
10,000 |
|
Outstanding |
140,000 |
10,000 |
The dividends on preferred stock are $4 cumulative. In addition, the preferred stock has a preference in liquidation of $50 per share.
Required
Prepare the stockholders’ equity section of Udall’s balance sheet at December 31, 2007.