ABC Corporation\'s December 31, 2017 balance sheet showed the following 8% prefe
ID: 2405962 • Letter: A
Question
ABC Corporation's December 31, 2017 balance sheet showed the following 8% preferred stock, $20 par value, cumulative, 30,000 shares authorized; 20,000 shares issued $ 400,000 Common stock, $10 par value, 2,000,000 shares authorized; Paid-in capital in excess of par-preferred stock Paid-in capital in excess of par-common stock Retained earnings Treasury stock (30,000 shares) What is ABC Corporations' total paid in capital? 1,950,000 shares issued, 1,920,000 shares outstanding 19,500,000 60,000 27,000,000o 7,500,000 630,000Explanation / Answer
Answer
8% Preferred Stock
$ 400,000.00
Common Stock
$ 19,500,000.00
Paid in Capital in excess of Par - Preferred Stock
$ 60,000.00
Paid in Capital in excess of Par - Common Stock
$ 27,000,000.00
Total Paid in Capital
$ 46,960,000.00
Retained Earnings
$ 7,500,000.00
$ 54,460,000.00
Treasury Stock
$ (630,000.00)
Total Stockholder's Equity
$ 53,830,000.00
8% Preferred Stock
$ 400,000.00
Common Stock
$ 19,500,000.00
Paid in Capital in excess of Par - Preferred Stock
$ 60,000.00
Paid in Capital in excess of Par - Common Stock
$ 27,000,000.00
Total Paid in Capital
$ 46,960,000.00
Retained Earnings
$ 7,500,000.00
$ 54,460,000.00
Treasury Stock
$ (630,000.00)
Total Stockholder's Equity
$ 53,830,000.00