Reference no: EM132625500

Rizzo Corporation had the following balances at December 31, 2020:

Property, plant, and equipment             $1,255,000

Goodwill                                               $212,000

Interest payable                                         6,000

Common stock                                            5,000

Line of credit, due on demand                    120,000

Prepaid insurance                                      24,000

Customer list                                              35,000

Accounts payable                                      50,000

Additional paid-in capital                               545,000

Retained earnings December 31, 2019             410,000

Salaries payable                                           12,000

Accumulated depreciation                                145,000

Cash and cash equivalents                                  85,000

Accounts receivable, net                                   120,000

Pension liability                                                     65,000

Accumulated other comprehensive loss                          5,000

Inventory                                                                 436,000

Note payable, due in annual installments of $25,000 plus interest on December 31      675,000

Land held for future expansion                                           136,000

Net income for 2020 totaled $325,000. The company declared dividends of $50,000 on December 15, 2019.

Problem 1: How much did Rizzo Corporation report as Stockholders' equity in the 2020 Balance sheet?