The financial statements of Timberview, Inc., reported the following:
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Prepare the stockholders' equity section of Timberview, Inc.'s balance sheet. Net income has already been closed to Retained earnings.
Stockholders' equity:
Paid-in capital:
Common stock, $ 7 par,
250,000 shares authorized
Paid-in capital in excess of par-common
172,000
Total paid-in capital
Retained earnings
140,000
Total stockholders' equity
Data Table
Paid-in capital in excess of
par-common
Cost of goods sold
Common stock, $7 par, 250,000
Cash
shares issued and outstanding
Long-term debt
$ 172,000 Not sales
$ 1,090,000
585,000 Accounts payable
Retained earnings
30,000
140,000
1,750,000 Other current liabilities
55,000
240,000 Operating expenses
413,000
73,000 Total assets
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