Question - Carla Corporation's post-closing trial balance at December 31, 2017, is shown as follows.
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CARLA CORPORATION POST-CLOSING TRIAL BALANCE DECEMBER 31, 2017
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Dr.
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Cr.
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Accounts payable
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$ 416,000
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Accounts receivable
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$ 497,000
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Accumulated depreciation-buildings
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178,000
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Additional paid-in capital in excess
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of par-common
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1,267,000
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From treasury stock
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173,000
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Allowance for doubtful accounts
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30,000
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Bonds payable
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274,000
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Buildings
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1,404,000
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Cash
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181,000
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Common stock ($1 par)
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188,000
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Dividends payable (preferred stock-cash)
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4,000
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Inventory
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612,000
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Land
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429,000
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Preferred stock ($50 par)
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500,000
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Prepaid expenses
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40,000
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Retained earnings
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315,000
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Treasury stock (common at cost)
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182,000
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Totals
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$3,345,000
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$3,345,000
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At December 31, 2017, Carla had the following number of common and preferred shares.
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Common
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Preferred
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Authorized
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564,000
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60,000
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Issued
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188,000
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10,000
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Outstanding
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179,000
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10,000
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The dividends on preferred stock are $4 cumulative. In addition, the preferred stock has a preference in liquidation of $50 per share.
Prepare the stockholders' equity section of Carla's balance sheet at December 31, 2017.