Part b additional information kay corporation reported a

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Reference no: EM13569218

The stockholders' equity section of Kay Corporation at December 31, 2005 included the following accounts:

Preferred stock (9%, $40 par, 6,000 shares issued & outstanding) ........ $240,000

Common stock ($8 par, 65,000 shares issued, 61,000 shares outstanding) .. 520,000

Paid-in capital - preferred stock ....................................... ?

Paid-in capital - common stock .......................................... 584,000

Retained earnings ....................................................... 125,000

Treasury stock (4,000 shares at $15 cost) .............................. 60,000

Applies for parts A-C: Assume the preferred stock was issued for an average price of $84 per share.

A) Calculate the balance in the paid-in capital - preferred stock account.

Part B additional information: Kay Corporation reported a net income of $84,000 during 2005 and only dividends on preferred stock were declared and paid.

B) Calculate the retained earnings balance at January 1, 2005. Do not use decimals in your answer.

C) Calculate the total stockholders' equity at December 31, 2005. Do not use decimals in your answer.

Reference no: EM13569218

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