Common stock, $7 par value, 108,000 shares authorized Preferred stock, 12 percent, par value $6...
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Common stock, $7 par value, 108,000 shares authorized Preferred stock, 12 percent, par value $6 per share, 5,000 shares authorized During the year, the following transactions took place in the order presented: Sold and issued 21,500 shares of common stock at $12 cash per share. Sold and issued 1,300 shares of preferred stock at $16 cash per share. At the end of the year, the accounts showed net income of $40,800. No dividends were declared. Required: 1. Prepare the stockholders equity section of the balance sheet at the end of the year.
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