Farmer, Inc., was organized on June 5, 2010. It was authorized to issue 400,000 shares of $10

Question:

Farmer, Inc., was organized on June 5, 2010. It was authorized to issue 400,000 shares of $10 par and 50,000 shares of 5 percent cumulative class A preferred stock. The class A stock had a stated value of $30 per share. The following stock transactions pertain to Farmer, Inc.
1. Issued 20,000 shares of for $14 per share.
2. Issued 10,000 shares of the class A preferred stock for $32 per share.
3. Issued 30,000 shares of for $18 per share.
Required
Prepare the stockholders’ equity section of the immediately after these transactions have been recognized.

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