The following stockholders' equity accounts arranged alphabetically are in the ledger of McGrath Corporation at December 31, 2011.
Common Stock ($10 stated value) $1,500,000
Paid-in Capital from Treasury Stock 6,000
Paid-in Capital in Excess of Stated Value-Common Stock 690,000
Paid-in Capital in Excess of Par Value-Preferred Stock 288,400
Preferred Stock (8%, $100 par, noncumulative) 400,000
Retained Earnings 776,000
Treasury Stock-Common (8,000 shares) 88,000
Complete the stockholders' equity section at December 31, 2011. (List entries by the format used in the text. Enter all amounts as positive amounts and subtract where necessary.)
To complete the stockholders' equity section at December 31, 2011, we need to calculate the total amounts for each category. Here's how you can do it:
1. Calculate the total Common Stock:
Common Stock ($10 stated value) = $1,500,000
2. Calculate the total Paid-in Capital from Treasury Stock:
Paid-in Capital from Treasury Stock = $6,000
3. Calculate the total Paid-in Capital in Excess of Stated Value-Common Stock:
Paid-in Capital in Excess of Stated Value-Common Stock = $690,000
4. Calculate the total Paid-in Capital in Excess of Par Value-Preferred Stock:
Paid-in Capital in Excess of Par Value-Preferred Stock = $288,400
5. Calculate the total Preferred Stock:
Preferred Stock (8%, $100 par, noncumulative) = $400,000
6. Calculate the total Retained Earnings:
Retained Earnings = $776,000
7. Calculate the total Treasury Stock-Common:
Treasury Stock-Common (8,000 shares) = $88,000
Now, let's add up the totals and complete the stockholders' equity section:
Stockholders' Equity:
Common Stock ($10 stated value) $1,500,000
Paid-in Capital from Treasury Stock $6,000
Paid-in Capital in Excess of Stated Value-Common Stock $690,000
Paid-in Capital in Excess of Par Value-Preferred Stock $288,400
Preferred Stock (8%, $100 par, noncumulative) $400,000
Retained Earnings $776,000
Treasury Stock-Common $88,000
Total Stockholders' Equity $4,748,400
Therefore, the stockholders' equity section at December 31, 2011, is as follows:
Stockholders' Equity:
Common Stock ($10 stated value) $1,500,000
Paid-in Capital from Treasury Stock $6,000
Paid-in Capital in Excess of Stated Value-Common Stock $690,000
Paid-in Capital in Excess of Par Value-Preferred Stock $288,400
Preferred Stock (8%, $100 par, noncumulative) $400,000
Retained Earnings $776,000
Treasury Stock-Common $88,000
Total Stockholders' Equity $4,748,400