Stuck on this question and kinda losing it

Sigchi4life
Category:
Accounting
Price: $5 USD

Question description

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 36,000 shares of the common stock for $19 per share.
b.Issued 12,000 shares of the preferred stock at $20 per share.
c.

Issued 2,600 shares of the common stock at $24 per share and 1,200 shares of the preferred stock at $20.

d.Net income for the first year was $44,000.

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

Tutor Answer

(Top Tutor) Daniel C.
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School: Duke University
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