Question

Barney Corporation recognized a $100 million preferred stock balance on 12/31/2019.

Answer 1

Answer:

C. $120m

Explanation:

As per the given situation, the calculation of the ended year the preferred stock is shown below:

Ending preferred stock balance

= Beginning balance of preferred stock + new issuance of preferred stock

= $100 million + $20 million

= $120 million

Therefore, for computing the ending preferred stock balance we simply applied the above formula and ignore all other values as they are not relevant. So the correct answer is C.