Business, 15.02.2021 20:50 bracefacer42

HEADLAND CORPORATION POST-CLOSING TRIAL BALANCE
DECEMBER 31, 2020
Dr. Cr.
Accounts payable $166,200
Accounts receivable $503,000
Accumulated depreciation—buildings 181,000
Additional paid-in capital in excess of
par—common 1,318,000
From treasury stock 175,000
Allowance for doubtful accounts 30,000
Bonds payable 322,000
Buildings 1,344,000
Cash 194,000
Common stock ($1 par) 180,000
Dividends payable (preferred stock—cash) 3,800
Inventory 535,000
Land 361,000
Preferred stock ($50 par) 500,000
Prepaid expenses 37,000
Retained earnings 279,000
Treasury stock (common at cost) 181,000
Totals $3,155,000 $3,155,000
At December 31, 2020, Headland had the following number of common and preferred shares. Common Preferred
540,000 60,000
180,000 10,000
174,000 10,000
The dividends on preferred stock are $4 cumulative. In addition, the preferred stock has a preference in liquidation of $50 per share. Prepare the stockholders' equity section of Headland's balance sheet at December 31, 2020.

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HEADLAND CORPORATION POST-CLOSING TRIAL BALANCE
DECEMBER 31, 2020
Dr. Cr.
Accou...