Presentation Baker Corporation was organized on July 1, with an authorization of 50,000 shares of ($ 5)
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Presentation Baker Corporation was organized on July 1, with an authorization of 50,000 shares of \(\$ 5\) no-par value preferred stock ( \(\$ 5\) is transactions affecting stockholders' equity occurred:
July 1 Issued 62,000 shares of common stock at \(\$ 21\) cash per share.
12 Issued 7,000 shares of common stock in exchange for equipment with a fair market value of \(\$ 71,000\)
15 Issued 10,000 shares of preferred stock for cash at \(\$ 40\) per share.
Required
a. Prepare journal entries to record the foregoing transactions.
b. Prepare the stockholders' equity section of the balance sheet at July 31. The net income for July is \(\$ 52,000\).
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