The charter of Maple Leaf Capital Corporation authorizes the issuance of 1,000 shares of preferred stock and 10,000 shares of common stock.

During a two-month period, Maple Leaf completed these stock-issuance transactions:

Requirement 

Prepare the stockholders' equity section of the Maple Leaf Capital balance sheet for the transactions given in this exercise. Retained Earnings has a balance of \(\$ 70,000\). 

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Nov. 23 Dec. 12 17 Issued 2,000 shares of $1 par common stock for cash of $12.50 per share. Received inventory valued at $25,000 and equipment with market value of $16,000 for 3,000 shares of the $1 par common stock. Issued 1,000 shares of 5%, $50 par preferred stock for $50 per share.