The following accounts and their balances appear in the ledger of Charleston Corp on Dec 31, the end of the current fiscal year.
common stock, $25 par- $2,500,000
paid in capital in excess of par- common stock- 500,000
paid in capital in excess of par- preferred stock-375,000
paid in capital in excess of par- treasury stock-4,000
preferred $10 stock, $100 par- 750,000
retained earnings-1,000,000
treasury stock-common-50,000
Prepare the stockholders equity section of the balance sheet as of Dec 31, the end of the current year. 10,000 shares of preferred and 150,000 shares of common stock are authorized. 1,000 shares of common stock are held as treasury stock.