Corporations: Organization and Capital Stock Transactions

The following stockholders equity accounts arranged alphabetically are in the ledger of Galindo Corporation at December 31, 2020.

Common Stock ($5 stated value)$2,000,000
Paid-in Capital from Treasury Stock10,000
Paid-in Capital in Excess of Par-Preferred Stock679,000
Paid-in Capital in Excess of Stated Value-Common Stock1,600,000
Preferred Stock (8%, $50 par)$120,000
Retained Earnings1,748,000
Treasury Stock (10,000 common shares)130,000

Instruction

Prepare the stockholders' equity section at December 31, 2020.

Solution

Galindo Corporation
Balance Sheet (Partial)
December 31, 2020
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