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Exercise 8-26 Stockholders' Equity Section of Balance Sheet Premium Imports Inc. retails racing products for BMWs, Porsches, and Ferraris. The...

Exercise 8-26 practice problems
Exercise 8-26 Stockholders' Equity Section of Balance Sheet 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 year: Common Stock, $8 par $3,200,000 Paid-In Capital in Excess of Par-----Common Stock 700,000 Paid-In Capital in Excess of Par-----Preferred Stock 182,000 Paid-In Capital from Sale of Treasury Stock-----Common 150,000 Preferred 2% Stock, $80 par 2,080,000 Retained Earnings 17,250,000 Treasury Stock-----Common 744,000 Forty thousand shares of preferred and 500,000 shares of common stock are authorized. There are 62,000 shares of common stock held as treasury stock. Prepare the Stockholders' Equity section of the balance sheet as of November 30, the end of the current year.
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Exercise 8-26 Stockholders' Equity Section of Balance Sheet
Premium Imports Inc. retails racing products for BMWs, Porsches, and Ferraris. The following
accounts and their balances appear in the...

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