Stockholders' Equity: Transactions and Balance Sheet Presentation Torey Corporation was organized on April 1, with...
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Stockholders' Equity: Transactions and Balance Sheet Presentation Torey Corporation was organized on April 1, with an authorization of 25,000 shares of six percent, $50 par value preferred stock and 200,000 shares of $5 par value common stock. During April, the following transactions affecting stockholders' equity occurred: Apr. 1 Issued 80,000 shares of common stock at $40 cash per share. 3 Issued 2,000 shares of common stock to attorneys and promoters in exchange for their services in organizing the corporation. The services were valued at $31,000. 8 Issued 3,000 shares of common stock in exchange for equipment with a fair market value of $55,000. 20 Issued 6,000 shares of preferred stock for cash at $80 per share. Required b. Prepare the stockholders' equity section of the balance sheet at April 30. Assume that the net income for April is $60,000. Stockholders' Equity Paid in Capital Preferred Stock $ 0 Common Stock 0$ 0 Additional Paid-in-Capital Paid-in-Capital in Excess of Par value - Preferred Stock Paid-in-Capital in Excess of Par value - Common Stock Total Paid-in-Capital Retained Earnings Total Stockholders' Equity
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