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Question
At December 31, Idaho Company had the following ending account balances:
| Retained Earnings | $250,000 |
| Preferred Stock ($100 par, 7% cumulative, 10,000 authorized, 5,000 issued and outstanding) | 500,000 |
| Treasury Stock | 40,000 |
| Paid-In Capital in Excess of Par—Common Stock | 625,000 |
| Paid-In Capital in Excess of Par—Preferred Stock | 50,000 |
| Common Stock ($5 par value, 500,000 shares authorized, 105,000 issued) | 525,000 |
Prepare the Stockholders' Equity section of the balance sheet using Method 2 (showing combined additional paid-in capital).
Answer
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