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(Solved by Expert Tutors) E11-3 Preparing the Stockholders Equity Section of the Balance Sheet [LO


North Wind Aviation received its charter during January 2013. The charter authorized the following capital stock:


?
??Preferred stock: 8 percent, par $10, authorized 20,000 shares.
??Common stock: par $1, authorized 50,000 shares.


During 2013, the following transactions occurred in the order given:


a. Issued a total of 30,000 shares of the common stock for $10 per share.
b. Issued 12,000 shares of the preferred stock at $11 per share.
c.

Issued 2,000 shares of the common stock at $15 per share and 1,200 shares of the preferred stock at $11.

d. Net income for the first year was $38,000.


Required:
Prepare the stockholders? equity section of the balance sheet at December 31, 2013.


 


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Apr 19, 2020

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