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Pringle corporation has been authorized to issue

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Pringle Corporation has been authorized to issue 20,000 shares of $100 par value, 7%, noncumulative preferred stock and 1,000,000 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 $150,000
Paid-in Capital in Excess of Par Value-Preferred Stock 20,000
Common Stock 2,000,000
Paid-in Capital in Excess of Stated Value-Common Stock 1,520,000
Treasury Stock- (4,000 common shares) 36,000
Retained Earnings 82,000

The preferred stock was issued for $170,000 cash. All common stock issued was for cash. In November 4,000 shares of common stock were purchased for the treasury at a per share cost of $9. No dividends were declared in 2014. Warning

Reference no: EM131783779

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