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Novak Corp, was organized on January 1, 2017. It is authorized to issue 24,000 shares of 5%, $53 par value preferred stock and 460,000 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 70,000 shares of common stock for cash at $4 per share. Mar. 1 Issued 1,200 shares of preferred stock for cash at $54 per share. May 1 Issued 115,000 shares of common stock for cash at $6 per share Sept. 1 Issued 5,000 shares of common stock for cash at $7 per share. Nov. 1 Issued 3,000 shares of preferred stock for cash at $58 per share. Your answer is partially correct. Try again. Prepare a tabular summary to record the transactions. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Stockholders E Paid-in-Capital Retained Earnings PIC in Excess PIC in Excess +of Par Value+ Pref + Common +of Stated Cash Stock Value Com. Pref. Stock Revenue Expense Dividend an, 10 280000 Mar. 1 May 1 115000 57 Sept. 1 35000 Nov. 1 174000 224800 14000 Total 1243800 190000 81 161200 12800

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