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, 2014, is shown below:
Following is additional information relative to the above accounts: 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, 2018. 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, 2014 balance sheet for Carver, Inc. Include appropriate parenthetical notes for the common and preferred stock.

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Definitions:

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