Question

The following accounts appear in the ledger of Marin Inc. after the books are closed at December 31, 2022.

Common Stock (no-par, $1 stated value, 420,500 shares authorized, 349,500 shares issued)		$349,500
Paid-in Capital in Excess of Stated Value—Common Stock		1,134,500
Preferred Stock ($50 par value, 8%, 41,600 shares authorized, 13,400 shares issued)		670,000
Retained Earnings		939,000
Treasury Stock (7,700 common shares)		63,900
Paid-in Capital in Excess of Par Value—Preferred Stock		30,000
Accumulated Other Comprehensive Loss		32,700

Prepare the stockholders’ equity section at December 31, assuming $100,000 of retained earnings is restricted for plant expansion. (Enter account name only and do not provide descriptive information.)

Answer 1

Solution:

Partial Balance Sheet
As at December 31
Particulars		Amount
Stockholders' Equity:
Paid in Capital:
Capital Stock:
Preferred Stock	$6,70,000
Common Stock	$3,49,500
Total capital Stock		$10,19,500
Additional Paid in Capital:
Paid in Capital in excess of Par -Preferred Stock	$30,000
Paid in Capital in excess of Stated value -Common Stock	$11,34,500
Total Additional paid in Capital		$11,64,500
Total paid in Capital		$21,84,000
Add: reatained earnings		$9,39,000
Total paid in Capital and retained earnings		$31,23,000
Less: Accumulated Other Comprehensive Loss		$32,700
Less: Treasury Stock		$63,900
Total Stockholder's Equity		$30,26,400