Reference no: EM13258184
The stockholders' equity section of Kay Corporation at the end of thecurrent year showed:
Preferredstock (7%, $60 par, 8,000 shares issued & outstanding)........ ?
Commonstock ($9 par, 62,000 shares issued, 58,750 shares outstanding).. 558,000
Paid-incapital - preferred stock....................................... ?
Paid-incapital - common stock.......................................... 806,000
Retainedearnings....................................................... 125,000
Less: Treasury stock (3,250 shares at cost)............................ <48,750>
Totalstockholders' equity.............................................. ?
Calculate the dollar amount to be reported as the preferred stockaccount balance.
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