Problem: On December 31, Lewis Company prepared the following stockholders' equity section of its balance sheet. Unfortunately, some errors were made.
Preferred stock $45 per 2,000 shares issued and outstanding $90,000
Paid-in capital in excess of par, preferred stock $33,000
Common stock $26 par, $24,000 shares issued and $22,800 shares outstanding 624,000
Pain-in capital in excess of par, common stock 1,190,000
Net income for year 345,000
Less, cash dividends declared and paid (283,300)
Retained earnings, January 1 370000
Less. Treasury stock 1,200 shares, purchased at $45 per shar (54,000)
Total stockholders equity $2,314,700
Required:
Revise Lewis Company's stockholders' equity section of its balance sheet for December 31, as appropriate.
Note: In the final answer, use "Additional Paid-in Capital" to combine all of the additional Paid-In Capital accounts.