At the beginning of the year, The Mann Corporation, a private entity, decided to go public. A charter of incorporation was constructed which authorized the sale of ten million shares of \($1\) par value common stock; 100,000 shares of \($100\) par value, eight percent preferred stock; and 200,000 shares of \($5\) no-par-value convertible preferred stock. The following shares were sold as part of the firm’s initial public offering:

* 1,000,000 shares of common stock at \($10\) per share.

* 100,000 shares of \($100\) par value, eight percent preferred stock at \($105\) per share.

* 100,000 shares of \($5\) convertible, no-par preferred stock at \($55\) per share.

At year-end, the full dividend was declared and paid on both preferred stock offerings.

Required

Using a spreadsheet, record the financial effects of the shareholders’ equity transactions for The Mann Corporation for the year.