Question

The following stockholders’ equity accounts, arranged alphabetically, are in the ledger of Blue Spruce Corp. at December 31, 2017.

Common Stock ($2 stated value) $3,120,000
Paid-in Capital in Excess of Par Value—Preferred Stock 87,750
Paid-in Capital in Excess of Stated Value—Common Stock 2,047,500
Preferred Stock (6%, $100 par, noncumulative) 1,170,000
Retained Earnings 2,601,300
Treasury Stock (23,400 common shares) 140,400
Prepare the stockholders’ equity section of the balance sheet at December 31, 2017.

Answer 1

Stockholders’ equity section of the balance sheet at December 31, 2017.

Common Stock :

Common Stock ($2 stated value) $3,120,000

Paid-in Capital in Excess of Stated Value $2,047,500

Preferred Stock :

Preferred Stock (6%, $100 par, noncumulative) $1,170,000

Paid-in Capital in Excess of Par Value—Preferred Stock $87,750

Treasury Stock :

Treasury Stock (23,400 common shares) $140,400

Retained Earnings $2,601,300

Total $9,166,950

Step-by-step explanation:

The Stockholders’ equity section of the balance sheet at December 31, 2017 has been prepared above for Blue Spruce Corp.