A Partial Listing of Accounts and Ending Balances for Carver

question 60

Essay

A partial listing of accounts and ending balances for Carver, Inc., on December 31, 2016, is shown below:
Following is additional information relative to the above accounts:
· The preferred stock is 8% cumulative with par value of $50. For the preferred stock, 10,000 shares have been authorized, 6,000 shares are issued and outstanding, and 1,000 shares
have been subscribed at a price of $65 per share. Each share of preferred stock is convertible into four shares of common.
· Bonds payable mature on September 30, 2020. They have a stated interest rate of 10%, payable semiannually. The straight-line method is used to amortize the premium.
· Common stock has a par value of $4 per share. For the common stock, 60,000 shares have been authorized, 45,000 shares are issued and outstanding, and 5,000 shares have been subscribed at $32 per share.
Required:
Prepare the contributed capital section of the December 31, 2016 balance sheet for Carver, Inc. Include appropriate parenthetical notes for the common and preferred stock.

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Definitions:

Historical Perspective

An understanding of historical contexts and developments, and how they influence and shape the present and future.

Clothes

Items worn on the body, typically made of fabric, used for protection, modesty, or social signaling among other purposes.

Status

A recognized social position that an individual can occupy.

Taste

Refers to individuals' personal and cultural preferences for specific flavors, styles, or aesthetics.