Question

The following stockholders’ equity accounts arranged alphabetically are in the ledger of Pronghorn Corporation at December 31, 2020.

Common Stock ($6 stated value)		$2,412,000
Paid-in Capital from Treasury Stock		10,000
Paid-in Capital in Excess of Par—Preferred Stock		660,000
Paid-in Capital in Excess of Stated Value—Common Stock		1,590,000
Preferred Stock (8%, $55 par)		852,500
Retained Earnings		1,759,000
Treasury Stock (10,500 common shares)		136,500

Prepare a stockholders’ equity section at December 31, 2020. (Enter the account name only and do not provide the descriptive information provided in the question.)

Answer 1

Pronghorn Corporation
Balance sheet (partial)
(Stockholder's Equity Section)
At December 31, 2020
Stockholder's Equity:
Capital stock
Common stock	$ 24,12,000
Preferred stock	$   8,52,500
Total capital stock		$ 32,64,500
Additional Paid - in - Capital
Paid - in - capital in excess of par - Common stock	$ 15,90,000
Paid - in - capital in excess of par - Preferred stock	$   6,60,000
Paid - in - capital from treasury stock	$       10,000
Total Additional Paid - in - Capital		$ 22,60,000
Total Paid - in Capital		$ 55,24,500
Retained earnings		$ 17,59,000
Total Paid - in Capital and Retained earnings		$ 72,83,500
Less: Treasury Stock		$ -1,36,500
Total Stockholder's Equity		$ 71,47,000