Question

Question 23 View Policies Current Attempt in Progress The following accounts appear in the ledger of Sage Hill Inc. after the books are closed at December 31, 2017 Common Stock (no par $1 stated value. 421,500 shares authorized, 351,500 shares issued) $351,500 Paid-in Capital in Excess of Stated Value-Common Stock 1.228,500 Preferred Stock ($50 par value, 7%, 43,200 shares authorized, 14.100 shares issued) 705,000 Retained Earnings 908,000 Treasury Stock (7,850 common shares) 66,400 Paid-in Capital in Excess of Par Value-Preferred Stock 26,150 Accumulated Other Comprehensive Loss 32,800

Answer 1

Sage Hill Inc
Balance Sheet (partial)
December 31, 2017
Paid in capital
Contributed capital
Capital stock
Common stock (No-par $1 stated value, 421,500 shares authorized, 351,500 shares issued)	$      351,500
Preferred stock ($50 par value, 7% 43,200 shares authorized, 14,100 shares issued)	$      705,000
Total capital stock		$   1,056,500
Additional paid in capital
Paid in capital In excess of stated value - Common stock	$   1,228,500
Paid in capital In excess of par - Preferred stock	$         26,150
Total additional paid in capital		$   1,254,650
Total contributed capital		$   2,311,150
Retained earnings		$      908,000
Total contributed capital and retained earnings		$   3,219,150
accumulated other comprehensive income		$         32,800
Less: Treasury stock (7,850 common shares)		$       (66,400)
Total stockholders Equity		$   3,185,550

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