Specialty Packaging Corporation began business in 2012 by issuing 20,000 shares of $5 par common stock for $8 per share and 5,000 shares of 6%, $10 par preferred stock for par. At year end, the

Specialty Packaging Corporation began business in 2012 by issuing 20,000 shares of $5 par common stock for $8 per share and 5,000 shares of 6%, $10 par preferred stock for par. At year end, the common stock had a market value of $10. By the end of 2012, Specialty Packaging had a balance of $100,000 in its Retained Earnings account. What was Specialty Packaging’s Total Stockholders’ Equity balance reported on its December 31, 2012 balance sheet?

I knew the answer, but I need to know how to get that.

Leave a Comment