FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Below is the Stockholders' Equity section of the balance sheet prepared as of the end of the current year.
Stockholders’ Equity | ||
Paid-in capital: | ||
$10,000,000 | ||
Excess of issue price over par | 500,000 | $10,500,000 |
96,700,000 | ||
1,755,000 | ||
Dividends payable | 430,000 | |
Total paid-in capital | $109,385,000 | |
Common stock, $20 par (1,000,000 shares authorized, 825,000 shares issued) | 17,655,000 | |
Organizing costs | 300,000 | |
Total stockholders' equity | $127,340,000 |
Prepare a corrected Stockholders' Equity section.
Can you explain how to get the corrected retained earnings number?
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