Exercise 11-9 Your answer is correct. The following stockholders’ equity accounts, arranged alphabetically, are in the ledger of Patel Corporation at December 31, 2012. Common Stock ($3 stated value) $1,472,000 Paid-in Capital in Excess of Par Value—Preferred Stock 41,400 Paid-in Capital in Excess of Stated Value—Common Stock 966,000 Preferred Stock (7%, $100 par, noncumulative) 552,000 Retained Earnings 1,227,280 Treasury Stock—Common (11,040 shares) 66,240 Prepare the stockholders’ equity section of the balance sheet at December 31, 2012.

Exercise 11-9

 

	Your answer is correct.

The following stockholders’ equity accounts, arranged alphabetically, are in the ledger of Patel Corporation at December 31, 2012.

Common Stock ($3 stated value)		$1,472,000
Paid-in Capital in Excess of Par Value—Preferred Stock		41,400
Paid-in Capital in Excess of Stated Value—Common Stock		966,000
Preferred Stock (7%, $100 par, noncumulative)		552,000
Retained Earnings		1,227,280
Treasury Stock—Common (11,040 shares)		66,240

Prepare the stockholders’ equity section of the balance sheet at December 31, 2012.

 

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