Question Details

paid-in capital section of the balance sheet


Desert Corporation has the following capital stock outstanding at December 31, 2013:
	7% Preferred stock, $100 par value, cumulative
	15,000 shares issued and outstanding 		$1,500,000

	Common stock, no par, $10 stated value, 500,000 shares authorized, 
	350,000 shares issued and outstanding 		3,500,000

The preferred stock was issued at $120 per share. The common stock was issued at an average per share price of $14.

Instructions
Prepare the paid-in capital section of the balance sheet at December 31, 2013.




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