Donnie Hilfiger has the following balances in its stockholders' equity accounts on December 31, 2021: Treasury Stock, $375,000; Common Stock, $350,000; Preferred Stock, $1,200,000; Retained Earnings, $1,675,000; and Additional Paid-in Capital, $3,150,000. Prepare the stockholders' equity section of the balance sheet for Donnie Hilfiger as of December 31, 2021.
What will be an ideal response?
| Donnie Hilfiger |
| Balance Sheet |
| (Stockholders' Equity Section) |
| December 31, 2021 |
| Stockholders' equity: | ? |
| Preferred stock | $1,200,000 |
| Common stock | 350,000 |
| Additional paid-in capital | 3,150,000 |
| Total paid-in capital | 4,700,000 |
| Retained earnings | 1,675,000 |
| Treasury stock | (375,000) |
| Total stockholders' equity | $6,000,000 |
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