Solved: Prom night formal wear has the following stockholders, Accounting Basics

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Prom night formal wear has the following stockholders

Problem

Prom Night Formal Wear has the following stockholders' equity accounts at December 31, 2018: Common Stock, $1 par value, 2,200,000 shares; Additional Paid-in Capital, $21 million; Retained Earnings, $16 million; and Treasury Stock, 50,000 shares, $1.15 million.

Prepare the stockholders' equity section of the balance sheet

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Accounting Basics: Prom night formal wear has the following stockholders

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