Tiger Corporation previously had issued 10,000 shares of its $2 par value common stock for $17 per share. On December 28, 2000, it sells another 5,000 shares to investors for $20 per share.

Required: (1) Using T-accounts,

(a) enter the balances in the applicable accounts for the common stock that had previously been issued, and

(b) record the sale of the 5,000 shares of common stock on December 28, 2000.

(2) Prepare the contributed capital section of Tiger Corporation’s December 31, 2000 balance sheet.  TK-1