Reference no: EM132863318

Question - The following accounts appear in the ledger of Norland Inc. after the books are closed at December 31, 2019.

Common Stock, $1 par value, 500,000, shares authorized, 400,000 shares issued $400,000

Common Stock Dividends Distributable 80,000

Paid-in Capital in Excess of Par Value-Common Stock 650,000

Preferred Stock, $100 par value, 8%, 10,000 shares authorized; 2,000 shares issued 200,000

Retained Earnings 950,000

Treasury Stock (10,000 common shares) 85,000

Paid-in Capital in Excess of Par Value-Preferred Stock 310,000

Required - Prepare the stockholders' equity section at December 31, 2019, assuming that retained earnings are restricted for plant expansion in the amount of $200,000.