Pina Corporations post-closing trial balance at December 31, 2020, is shown as follows. ...
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Pina Corporations post-closing trial balance at December 31, 2020, is shown as follows.
PINA CORPORATION POST-CLOSING TRIAL BALANCE DECEMBER 31, 2020
Dr.
Cr.
Accounts payable
$ 232,700
Accounts receivable
$ 451,000
Accumulated depreciationbuildings
183,000
Additional paid-in capital in excess
of parcommon
1,309,000
From treasury stock
152,000
Allowance for doubtful accounts
29,000
Bonds payable
317,000
Buildings
1,411,000
Cash
195,000
Common stock ($1 par)
200,000
Dividends payable (preferred stockcash)
4,300
Inventory
519,000
Land
375,000
Preferred stock ($50 par)
450,000
Prepaid expenses
40,000
Retained earnings
271,000
Treasury stock (common at cost)
157,000
Totals
$3,148,000
$3,148,000
At December 31, 2020, Pina had the following number of common and preferred shares.
Common
Preferred
Authorized
600,000
54,000
Issued
200,000
9,000
Outstanding
195,000
9,000
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 Pinas balance sheet at December 31, 2020. (Enter account name only and do not provide descriptive information.)
SHOW STEPS WITH EXPLANATION AND ANSWERS. THANK YOU!
PINA CORPORATION Stockholders' Equity $ $
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