Exercise 11-13 Preparing stockholders' equity section LO P1, C2, P3, C3 In Draco Corporation's first year...

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Exercise 11-13 Preparing stockholders equity section LO P1, C2, P3, C3 In Draco Corporations first year of business, the fo

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DRACO CORPORATION
Stockholders' Equity Section of the Balance Sheet
December 31
Preferred stock- $10 par value	19500
Paid in capital in excess of par- Preferred stock	99,450
Common stock- $2 par value	15,600
Paid in capital in excess of par- Common stock	421,200
Retained earnings	54,000
Less: Treasury stock	(26,520)
Total stockholders' equity	583,230

Preferred stock= 1950*$10= $19500

Paid in capital in excess of par- Preferred stock= ($61-10)*1950= $99,450

Common stock= 7800*$2= $15600

Paid in capital in excess of par- Common stock= ($56-2)*7800= $421200

Retained earnings= $88000-34000= $ 54,000

Treasury stock= 390*$68= $26,520

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