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Exercise 12-2 Stockholders' Equity
The accounts and balances that follow are from Hastings Corporation's records on December 31, 2014.
| Preferred Stock, $100 par value, 9 percent cumulative, 10,000 shares authorized, 6,000 shares issued and outstanding | $600,000 |
| Common Stock, $12 par value, 45,000 shares authorized, 30,000 shares issued, and 28,500 shares outstanding | 360,000 |
| Additional Paid-in Capital | 194,000 |
| Retained Earnings | 23,000 |
| Treasury Stock, Common (1,500 shares, at cost) | 30,000 |
| Prepare the stockholders' equity section of Hastings' balance sheet as of December 31, 2014. | | | Balance Sheet (Stockholders' Equity) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total contributed capital | | | | | | | | | | | | | Total contributed capital and retained earnings | | | | | | | | | | | | | Total stockholders' equity | | | | | | |
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