3 Skipped Jone Nelson and Helen Giddings are equal partners in N&G Appliance Center, which sells appliances and operates an appliance repair service. Nelson and Giddings have decided to incorporate the business. The new corporation will be known as N&G Appliance Center, Inc. The corporation is authorized to issue 4,000 shares of $100 par-value, 10 percent preferred stock that is noncumulative and nonparticipating, and 100,000 shares of no-par-value common stock with a stated value of $20 per share. It is mutually agreed that the accounting records of N&G Appliance Center will be closed on December 31, 2019, and that certain assets will be revalued. N&G Appliance Center, Inc., will then take over all assets and assume all liabilities of the partnership. In payment for the business, the corporation will issue 400 shares of preferred stock to Nelson and 400 shares of preferred stock to Giddings, plus a sufficient number of shares of common stock to each partner to equal the balance of the partners' capital accounts. After the partners have recorded the revaluation of their assets immediately prior to the dissolution of their partnership and withdrawn the amounts of cash agreed on, the trial balance of N&G Appliance Center as of December 31, 2019, appears below. N&G APPLIANCE Trial Balance December 31, 2019 ACCOUNT NAME Cash Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Parts Inventory Land Building Accumulated Depreciation Building Furniture and Equipment Accumulated Depreciation-Purn. and Equip Accounts Payable Jone Nelson, Capital Helen Ciddings, Capital Totals DEBIT CREDIT 13,240 55,400 3,740 460, 600 40,200 90,000 553,280 74,480 98,400 7,900 55,000 585,000 585,000 1,311,120 1,311,120 1. Record general journal entries as of December 31 to show the takeover of the assets and liabilities of the partnership and the issuance of stock in payment to Nelson and Giddings. Analyze: General Journal Analyze 3 Record general joumal entries as of December 31 to show the takeover of the assets and liabilities of the partnership and the issuanc stock in payment to Nelson and Giddings. View transaction list Skipped Journal entry worksheet Record issuance of stock in payment of net assets of N and G Appliance Center: Note: Enter debits before credits. General Journal Debit Credit Date Dec 31, 2019 Analyze: What percentage of authorized common stock has been issued as of January 1, 2020? Complete this question by entering your answer in the tabs below. General Journal Analyze What percentage of authorized common stock has been issued as of January 1, 2020? (Round your answer to 1 decimal place.) Percentage of authorized common stock issued