Reference no: EM131771526

Problem 11-5A
Pringle Corporation has been authorized to issue 21,700 shares of $100 par value, 7%, noncumulative preferred stock and 1,112,000 shares of no-par common stock.

The corporation assigned a $5 stated value to the common stock. At December 31, 2014, the ledger contained the following balances pertaining to stockholders' equity.

Preferred Stock $165,200
Paid-in Capital in Excess of Par Value-Preferred Stock 20,260
Common Stock 1,920,000
Paid-in Capital in Excess of Stated Value-Common Stock 1,588,000
Treasury Stock- (3,160 common shares) 28,440
Retained Earnings 84,500

The preferred stock was issued for $185,460 cash. All common stock issued was for cash. In November 3,160 shares of common stock were purchased for the treasury at a per share cost of $9. No dividends were declared in 2014.