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Question - Carla Corporation's post-closing trial balance at December 31, 2017, is shown as follows.
CARLA CORPORATION POST-CLOSING TRIAL BALANCE DECEMBER 31, 2017
Dr.
Cr.
Accounts payable
$ 150,900
Accounts receivable
$ 453,000
Accumulated depreciation-buildings
195,000
Additional paid-in capital in excess
of par-common
1,319,000
From treasury stock
163,000
Allowance for doubtful accounts
27,000
Bonds payable
284,000
Buildings
1,345,000
Cash
208,000
Common stock ($1 par)
191,000
Dividends payable (preferred stock-cash)
4,100
Inventory
536,000
Land
413,000
Preferred stock ($50 par)
550,000
Prepaid expenses
39,000
Retained earnings
289,000
Treasury stock (common at cost)
179,000
Totals
$3,173,000
At December 31, 2017, Carla had the following number of common and preferred shares.
Common
Preferred
Authorized
573,000
66,000
Issued
11,000
Outstanding
175,000
The dividends on preferred stock are $4 cumulative. In addition, the preferred stock has a preference in liquidation of $50 per share. Prepare the stockholders' equity section of Carla's balance sheet at December 31, 2017.
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