U ChIT Homework xPreviou C | ezto.mheducation.com/hm.tpx?todo: formereD&ezid-1;

Question

U ChIT Homework xPreviou C | ezto.mheducation.com/hm.tpx?todo: formereD&ezid-1; 2. Award: 0.67 out of 1.33 points Shelby Corporation was organized in January to operate an air-conditioning sales and service business The charter issued by the state authorized the following capital stock Common stock, $1 par value, 200,000 shares Preferred stock, $10 par value, 6 percent, 50,000 shares During January and February, the following stock transactions were completed a Collected $144,000 cash and issued 12,000 shares of common stock b Issued 11,000 shares of preferred stock at $22 per share collected in cash Net income for the year was $42.000; cash dividends declared and paid at year-end were $10.000 Required: Prepare the stockholders' equity section of the balance sheet at December 31 Answer is complete but not entirely correct. SHELBY CORPORATION Balance Sheet (Partial) At December 31 Stockholders' Equity Contributed Capital: Common Stock Preferred Stock Additional Paid-in Capital, Common Stock Additional Paid-in Capital, Preferred Stock $ 16,000 1,300,000 2400,000 2.008.000 5,724,000 34,000 Total Contributed Capital Retained Earnings Total Stockholders' Equity 5,758,000 References eBook & Resources

Explanation / Answer

Stockholder's equity :

Contributed capital Common stock 12000 Preferred stock 110000 Additional paid in capital-common stock 132000 Additional paid in capital-preferred stock 132000 Total contributed capital 386000 Retained earnings 32000 Total stockholder's equity 418000

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