Shelby Corporation was organized in January to operate an air-conditioning sales and service business. The charter issued by the state authorized the following capital stock Common stock, $1 par value, 200,000 shares. Preferred stock. $10 par value. 6 percent. 50.000 shares During January and February, the following stock transactions were completed a Collected $676,000 cash and issued 26.000 shares of common stock b Issued 18,000 shares of preferred stock at $36 per share; collected in cash Net income for the year was $56.000 cash dividends declared and paid ot year-end were $10,000 Required: Prepare the stockholders' equity section of the balance sheet at December 31

Shelby Corporation was organized in January to operate an air-conditioning sales and service business. The charter issued by the state authorized the following capital stock Common stock, $1 par value, 200,000 shares. Preferred stock. $10 par value. 6 percent. 50.000 shares During January and February, the following stock transactions were completed a Collected $676,000 cash and issued 26.000 shares of common stock b Issued 18,000 shares of preferred stock at $36 per share; collected in cash Net income for the year was $56.000 cash dividends declared and paid ot year-end were $10,000 Required: Prepare the stockholders' equity section of the balance sheet at December 31

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter13: Corporations: Organization, Stock Transactions, And Dividends

Section: Chapter Questions

Problem 3PA: The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the...

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