EX 13-18 Stockholders’ equity section of balance sheet
List the errors in the following Stockholders’ Equity section of the balance sheet prepared as of the end of the current year.
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Stockholders’ Equity |
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Paid-in capital: |
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Preferred 1% stock, $200 par (25,000 shares authorized and issued) |
$5,000,000 |
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Excess of issue price over par |
75,000 |
$5,075,000 |
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Retained earnings |
41,750,000 |
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Treasury stock (45,000 shares at cost) |
648,000 |
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Dividends payable |
175,000 |
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Total paid-in capital |
$47,648,000 |
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Common stock, $14 par (800,000 shares authorized, 500,000 shares issued) |
7,600,000 |
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Organizing costs |
250,000 |
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Total stockholders’ equity |
$55,498,000 |