Flannagan Corporation is authorized to issue 1,000 shares of 9% preferred stock at a par...
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Accounting
Flannagan Corporation is authorized to issue 1,000 shares of 9% preferred stock at a par value of $20 per share and 50,000 shares of common stock with a par value of $2 per share. Flannagan Corporation issued 200 shares of preferred stock at $22 per share and 20,000 shares of common stock for $2.50 per share.
What does the balance sheet look like after the stock is issued? To answer this question, fill in the partial balance sheet that follows.
Flannagan Corporation Balance Sheet (Partial) December 31, 2013
