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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, Issued 1,200 shares of preferred stock for cash at $54 per share. May Issued 115,000 shares of common stock for cash at $6 per share. Sept. 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. 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.) Assets Liabilities Stockholders Equity Paid-in-Capital Retained Earnings PIC in Excess PIC in Excess + of Par Value + + Common of Stated+ Cash Stock Value Com. Pref. Stock Revenue Expense Dividend Jan. 10 Mar, 1 May 1 Sept. 1 Nov. 1 Total VI O: SEMILAR PROBLEM VIDEO SIMILAR PROBLEM Prepare the paid-in capital portion of the stockholders' equity section at December 31, 2017. NOVAK CORP Partial Balance Sheet

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