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Find dollar amount reported preferred stock account balance
Course:- Accounting Basics
Reference No.:- EM13258267




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The stockholders' equity section of Kay Corporation at the end of thecurrent year showed:

Preferredstock (7%, $60 par, 8,000 shares issued & outstanding)........ ?

Commonstock ($9 par, 62,000 shares issued, 58,750 shares outstanding).. 558,000

Paid-incapital - preferred stock....................................... ?

Paid-incapital - common stock.......................................... 806,000

Retainedearnings....................................................... 125,000

Less: Treasury stock (3,250 shares at cost)............................ <48,750>

Totalstockholders' equity.............................................. ?

Calculate the dollar amount to be reported as the preferred stockaccount balance.




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