Reference no: EM132663623
Problem 1: Construct a stockholder's equity section of the balance sheet by using the following information:
Studley Inc. was organized and authorized to issue 10,000 shares of $100 par value, 5% percent preferred stock, and 150,000 shares of $1 par value common stock on September 1st, 2019
a. Issued 2,000 shares of preferred stock
b. APIC - preferred 15,000
c. Issued 58,000 shares of common stock
d. APIC - Common 154,000
e. APIC - Treasury 15,750
e. Had 3,000 shares of treasury stock at a cost of 39,000
f. Retained earnings had a balance of 16,500