The Following Stockholders' Equity Accounts Arranged Alphabetically Are in the Ledger

question 179

Essay

The following stockholders' equity accounts arranged alphabetically are in the ledger of Kalmia Corporation at December 31 2017. $\begin{array}{llr} \text { Common Stock (\$5 stated value)} &\$2,200,000\\ \text { Paid-in Capital in Excess of Par-Preferred Stock} &280,000\\ \text { Paid-in Capital in Excess of Stated Value-Common Stock } &800,000\\ \text { Preferred Stock ( \( 8 \%, \$ 100 \) par, noncumulative)} &500,000\\ \text { Retained Earnings } &1,334,000\\ \text { Treasury Stock Common (10.000 shares)} &120,000\\\end{array}$
Instructions
Prepare the stockholders' equity section of the balance sheet at December 31 2017.

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Definitions:

Punitive Damages

Financial compensation awarded to a plaintiff beyond what is necessary to compensate for losses, intended to punish the defendant for egregious conduct.

Defendant

The person or party against whom a civil or criminal lawsuit is filed in a court of law.

Communications Decency Act

A U.S. federal law enacted in 1996 aimed at regulating pornography on the internet, but also important for its provisions on liability of internet service providers and others for content posted by third parties.

Interactive Computer Services

Platforms or providers that offer or enable computer access by multiple users to a computer server, often used in contexts like internet forums, social media, and other online services.