North Wind Aviation received its charter during January authorizing the followin

Question

North Wind Aviation received its charter during January authorizing the following capital stock: Preferred stock: 8 percent, par $10, authorized 20,000 shares Common stock: par $1, authorized 50,000 shares The following transactions occurred during the first year of operations in the order given: a. Issued a total of 42,000 shares of the common stock for $17 per share. b. Issued 12,000 shares of the preferred stock at $18 per share. c. Issued 3,200 shares of the common stock at $22 per share and 1,200 shares of the preferred stock at $18. d. Net income for the first year was $50,000. Required: Iders' equity section of the balan NORTH WIND AVIATION 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 Total Contributed Capital Retained Earnings Total Stockholders' Equity

Explanation / Answer

stockholders Equity Contributed capital Common stock 45,200 preferred stock 132000 Additional paid in capital ,Common stock 739200 Additional paid in capital , preferred stock 105600 Total contributed capital 1,022,000 Retained earnings 50,000 total stockholders Equity 1,072,000

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