The following accounts appear in the ledger of Sather Inc. after the books are closed at December 31, 2012.
| Common Stock (no-par, $1 stated value, 400,000 shares | |
| authorized, 250,000 shares issued) | $ 250,000 |
| Paid-in Capital in Excess of Stated Value—Common Stock | 1,200,000 |
| Preferred Stock ($50 par value, 8%, 40,000 shares authorized, | |
| 14,000 shares issued) | 700,000 |
| Retained Earnings | 920,000 |
| Treasury Stock (9,000 common shares) | 64,000 |
| Paid-in Capital in Excess of Par Value—Preferred Stock | 24,000 |
Instructions
Prepare the stockholders” equity section at December 31, assuming $100,000 of retained earnings is restricted for plant expansion. (Use Note R.)
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