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 Stock | 10,000 |
| Paid-in Capital in Excess of Par-Preferred Stock | 679,000 |
| Paid-in Capital in Excess of Stated Value-Common Stock | 1,600,000 |
| Preferred Stock (8%, $50 par) | $120,000 |
| Retained Earnings | 1,748,000 |
| 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
Balance Sheet (Partial)
December 31, 2020
