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P11.5A Layes Corporation has been authorized to issue 20,000 shares of $100 par value, Prep...

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P11.5A Layes Corporation has been authorized to issue 20,000 shares of $100 par value, Prep 796, noncumulative preferred stock and 1,000,000 shares of no-par common stock. The tran corporation assigned a $5 stated value to the common stock. At December 31, 2017, the stoc ledger contained the following balances pertaining to stockholders' equity (LO 2 Preferred Stock Paid-in Capital in Excess of Par Value-Preferred Stock Common Stock $ 150,000 20,000 2,000,000

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