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Premium Imports Inc. retails racing products for BMWs, Porsches, and Ferraris. The following accounts and...

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Accounting

Premium Imports Inc. retails racing products for BMWs, Porsches, and Ferraris. The following accounts and their balances appear in the ledger of Premium Imports Inc. on November 30, the end of
the current fiscal year:
Common Stock, $10 par
Paid-In Capital in Excess of Par-Common Stock
Paid-In Capital in Excess of Par-Preferred Stock
Paid-In Capital from Sale of Treasury Stock-Common
Preferred 4% Stock, $50 par
Retained Earnings
Treasury Stock-Common
$920,000
276,000
73,500
69,400
1,225,000
3,128,000
Shares authorized are One hundred thousand of preferred and 400,000 shares of common stock. There are 4,200 shares of common stock held as treasury stock.
Prepare the "Stockholders' Equity" section of the balance sheet as of November 30.
Premium Imports Inc.
Stockholders' Equity Section of the Balance Sheet
November 30
Contributed capital:
Preferred 4% stock, $50 par shares authorized, 24,500 shares issued
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