Question

Udall Corporation's post-closing trial balance at December 31, 2019, was as follows: Debit Credit Accounts Payable $290,000 Accounts Receivable $550,000 Accumulated Depreciation-Building and Equipment 200,000 Additional Paid-in Capital-on Common Stock 1,560,000 Additional Paid-in Capital from Treasury Stock 250,000 Allowance for Doubtful Accounts 30,000 Bonds Payable 400,000 Building and Equipment 1,100,000 Cash 220,000 Common Stock ($1 par value) 150,000 Dividends Payable on Preferred Stock 4,000 Inventories 620,000 Land 380,000 Available-for-Sale Investments 285,000 Trading Investments 215,000 Preferred Stock ($50 par value) 500,000 Prepaid Expenses 40,000 Retained Earnings 231,000 Treasury Stock-Common (at cost) 180,000 Accumulated Other Comprehensive Income 25,000 Totals $3,615,000 $3,615,000 At December 31, 2019, Udall had the following number of common and preferred shares: Common Preferred

Answer 1

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Udall Corporation
Answer 1	Amount $
Contributed Capital
Preferred Stock	500,000.00
Common Stock	150,000.00
Additional Paid in Capital- Common
In excess of Par Value	1,560,000.00
From sale of treasury stock	250,000.00
Total Contributed Capital
Retained Earnings	231,000.00
Accumulated other comprehensive income (loss)	(25,000.00)
Total contributed capital, retained earnings and accumulated other comprehensive income (loss)	2,666,000.00
Less: Treasury stock	180,000.00
Total Stockholder's Equity	2,486,000.00
Answer 2
Revaluation surplus means Accumulated other comprehensive income (loss)	(25,000.00)
Accumulated profits and losses means Retained Earnings	231,000.00