Reference no: EM132530810

Question - Whispering Winds Corporation has been authorized to issue 20,000 shares of $100 par value, 10%, preferred stock and 1,066,800 shares of no-par common stock. The corporation assigned a $2.80 stated value to the common stock. At December 31, 2020, the ledger contained the following balances pertaining to stockholders' equity.

Preferred Stock$125,000 Paid-in Capital in Excess of Par-Preferred Stock 19,000 Common Stock 1,066,800 Paid-in Capital in Excess of Stated Value-Common Stock 1,219,200 Treasury Stock (1,120 common shares)14,560 Paid-in Capital from Treasury Stock 1,680 Retained Earnings 82,000 Accumulated Other Comprehensive Income 64,000

The preferred stock was issued for land having a fair value of $144,000. All common stock issued was for cash. In November, 1,680 shares of common stock were purchased for the treasury at a per share cost of $13. In December, 560 shares of treasury stock were sold for $16 per share. No dividends were declared in 2020.

Required - Prepare the stockholders' equity section at December 31, 2020.