Accounting for Share Transactions 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 10 million shares of $6 par value common stock, 100,000 shares of $600 par value, 8% preferred stock, and 200,000 shares of $30 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 $60 per share. * 100,000 shares of $600 par value, 8% preferred stock at $630 per share. * 100,000 shares of $30 convertible, no-par preferred stock at $330 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. Enter amounts in thousands (i.e., $10,000,000 = $10,000). Use a negative sign with answers to indicate a reduction in an account balance. The Mann Corporation No-par Balance Common 8% Preferred No-par 8% Preferred Preferred Sheet Transaction (in thousands) Shares IPO IPO Preferred IPO Dividend Dividend Totals Assets Cash $ 6,000 x $ 6,300 x $ 3,300 x $ (480) * $ (300) * $ 14,820 X Shareholders' Equity Common Stock 600 x 0 0 0 0 600 x APIC - Common 5,400 x 0 0 0 5,400 x $100 Preferred Stock 0 6,000 x 0 0 6,000 X APIC-Preferred 300 X 0 0 300 x $5 Conv. Preferred 0 0 3,300 x 0 0 3,300 x Retained Earnings 0 0 0 (480) X (300) X (780) x Total Shareholders' Equity $ 14,820 x 0 0 0 O