EX 13-18 Stockholders’ equity section of balance sheet
List the errors in the following Stockholders’ Equity section of the balance sheet prepared as of the end of the current year.
| Stockholders’ Equity | ||
| Paid-in capital: | ||
| Preferred 1% stock, $200 par (25,000 shares authorized and issued) | $5,000,000 | |
| Excess of issue price over par | 75,000 | $5,075,000 |
| Retained earnings | 41,750,000 | |
| Treasury stock (45,000 shares at cost) | 648,000 | |
| Dividends payable | 175,000 | |
| Total paid-in capital | $47,648,000 | |
| Common stock, $14 par (800,000 shares authorized, 500,000 shares issued) | 7,600,000 | |
| Organizing costs | 250,000 | |
| Total stockholders’ equity | $55,498,000 |
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