E15-16 Contributed Capital Adams Company's records provide the following information on December 31, 2019:
Account Title Amount
Additional Paid-in Capital on Preferred Stock $17,000
Common Stock
Premium on Bonds Payable
Preferred Stock
Bonds Payable
Preferred Stock Subscribed
Retained Earnings
Additional Paid-in Capital on Common Stock $75,000
$4,000
$80,000
$100,000
$20,000
$121,000
$84,000
Additional information:
1. Common stock has a $5 par value, 50,000 shares are authorized, 15,000 shares have been issued and are outstanding.
2. Preferred stock has a $10 par value, 10,000 shares are authorized, 2,000 shares have been issued and are outstanding.
3. Bonds payable have a face value of $100,000 and a premium of $4,000.
4. Preferred stock subscribed represents shares that have been subscribed but not yet issued.
5. Retained earnings represent the accumulated profits of the company.
6. Additional paid-in capital on common stock represents the amount received from investors in excess of the par value of the common stock.