Bruno Corporation’s post-closing trial balance at December 31, 2014, is shown on the next page.\n\n \nAt December 31, 2014, Bruno had the following numbe
Bruno Corporation’s post-closing trial balance at December 31, 2014, is shown on the next page.
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At December 31, 2014, Bruno had the following number of common and preferred shares.
\r\nCommon Preferred
\r\nAuthorized 600,000 60,000
\r\nIssued 200,000 10,000
\r\nOutstanding 190,000 10,000
\r\nThe dividends on preferred stock are $4 cumulative. In addition, the preferred stock has a preference in liquidation of $50 per share.
\r\nInstructions
\r\nPrepare the stockholders’ equity section of Bruno’s balance sheet at December 31, 2014.