Goldman Inc. was organized on June 1, 2013. It was authorized to issue 500,000 shares of $10

Question:

Goldman Inc. was organized on June 1, 2013. It was authorized to issue 500,000 shares of $10 par and 100,000 shares of 4 percent cumulative class A preferred stock. The class A stock had a stated value of $50 per share. The following stock transactions pertain to Goldman Inc.:
1. Issued 40,000 shares of for $16 per share.
2. Issued 20,000 shares of the class A preferred stock for $52 per share.
3. Issued 60,000 shares of for $20 per share.

Required
a. Prepare general journal entries for these transactions.
b. Prepare the stockholders’ equity section of the immediately after these transactions.

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