Question

Bruin Corporation has been authorized to issue 5,000 shares of 12 percent noncumulative, nonparticipating preferred stock with a par value of $100 per share and 200,000 shares of common stock with a par value of $10 per share. As of December 31, 2019, 2,500 shares of preferred stock and 20,000 shares of common stock had been issued. A condensed trial balance as of December 31, 2019 is provided below. Dots Bruin Corporation Trial Balance (Condensed) December 31, 2019 Account Name Debit 150,700 Feferences Accounts Receivable Allowance for Doubtful Accounts Income Tax Refund Receivable Inventory 100,000 543,200 268,000 139, 420 10,000 250,000 Buildings Accumulated Depreciation-Buildings Equipment Accumulated Depreciation Equipment Accounts Payable Dividends Payable-Preferred Dividends Payable-Common Accrued Expenses Payable Income Tax Payable Preferred Stock, 12% Paid in Capital in Excess of Par Value Preferred Common Stock Retained tarnings Sales (Net) Purchases Selling Expenses Control General Expenses Control Amortization of Organization Costs Income Tax Expense 200,000 123,500 1,145,550 690.00 164,600 78,500 51,700