The following account balances, before any closing entries, appear on the books of Spring Company as of December 31, 2003:
|
Retained Earnings (balance at Jan. 1, 2003 |
$240,000 |
|
Dividends, Preferred Stock |
15,000 |
|
Dividends, Common Stock |
35,000 |
|
Common Stock ($5 par, 100,000 shares authorized, |
|
|
70,000 issued and outstanding). |
350,000 |
|
Paid In Capital in Excess of Par, Common Stock. |
350,000 |
|
Preferred Stock (6%, $50 par, 50,000 shares authorized, |
|
|
5,000 issued and outstanding). |
250,000 |
|
Paid In Capital in Excess of Par, Preferred Stock. |
25,000 |
Based on these account balances, and assuming net income for 2003 of $80,000, prepare the stockholders equity section of the December 31, 2003, balance sheet for Spring Company.