The following stockholders” equity accounts, arranged alphabetically, are in the ledger of Patel Corporation at December 31, 2012.
| Common Stock ($2 stated value) | $1,600,000 |
| Paid-in Capital in Excess of Par Value—Preferred Stock | 45,000 |
| Paid-in Capital in Excess of Stated Value—Common Stock | 1,050,000 |
| Preferred Stock (8%, $100 par, noncumulative) | 600,000 |
| Retained Earnings | 1,334,000 |
| Treasury Stock—Common (12,000 shares) | 72,000 |
Instructions
Prepare the stockholders” equity section of the balance sheet at December 31, 2012.
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