The following accounts appear in the ledger of Oriole Company after the books are closed at December 31, 2020.

Common Stock, no par, $2 stated value, 393,000 shares authorized; 284,000 shares issued $ 568,000
Common Stock Dividends Distributable 25,000
Paid-in Capital in Excess of Stated Value—Common Stock 1,110,000
Preferred Stock, $5 par value, 8%, 38,000 shares authorized; 28,700 shares issued 143,500
Retained Earnings 758,000
Treasury Stock (13,800 common shares) 96,600
Paid-in Capital in Excess of Par—Preferred Stock 343,000
Accumulated Other Comprehensive Loss 34,500

Prepare the stockholders’ equity section at December 31, 2020, assuming retained earnings is restricted for plant expansion in the amount of $112,000. For capital stock first enter the preferred stock details.

Answer and Explanation:

The preparation of the stockholders’ equity section at December 31, 2020 is presented below:

                                              Oriole Company

                                 Stockholders’ equity section

                                           December 31, 2020

Particulars                                                                         Amount

Stockholder equity:

Paid in capital:

Capital Stock  

Preferred stock                                                                $143,500

Common Stock dividend                    $568,000

Common Stock Dividends Distributable $25,000        $593,000

Total capital stock                                                            $736,500

Additional paid in capital

Paid-in Capital in Excess of Par - Preferred Stock          $343,000

Paid-in Capital in Excess of Stated Value - Common Stock $1,110,000

Total paid in capital                                                               $2,189,500

Add: Retained earnings                                                         $758,000

Total paid in capital and retained earnings                          $2,947,500

Less: Treasury stock                                                               -$96,600

Less: Accumulated Other Comprehensive Loss                    -$34,500

Total Stockholder equity                                                          $2,816,400

We deduct the treasury stock and the accumulated other comprehensive loss and rest items are added so that the total stockholder equity could arrive

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