The corporation assigned a $5 stated value to the common stock. At December 31, 2017, the ledger contained the following balances pertaining to stockholders’ equity. Preferred Stock $150,000 Paid-in Capital in Excess of Par Value—Preferred Stock 21,000 Common Stock 1,960,000 Paid-in Capital in Excess of Stated Value—Common Stock 1,510,000 Treasury Stock (4,000 common shares) 40,000 Retained Earnings 85,000 Accumulated Other Comprehensive Income 49,000

The preparation of the partial balance sheet is shown below:

Explanation:

                                                  Novak Corp

                                          Partial Balance Sheet

                                              December 31, 2017

Stockholders Equity  

Paid-in capital  

Capital stock  

8% Preferred stock, $100 par value$150,000  

Common stock, no par, $5 stated value$1,960,000  

Total capital stock                              $2,110,000

Additional paid-in capital  

In excess of par - preferred stock          $21,000  

In excess of stated value - common stock$1,510,000  

Total additional paid-in capital         $1,531,000

Total paid-in capital                         $3,641,000

Retained earnings                                  $85,000

Total paid-in capital and retained earnings  $3,726,000

Accumulated other comprehensive income  $49,000

Less: Treasury stock (4,000 common shares)  $(40,000)

Total stockholders’ equity    $3,735,000

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disadvantages of purchasing a vehicle: large down payment and vehicle depreciation

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