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 $4 par value common stock, 100,000 shares of $400 par value, 8% preferred stock, and 200,000 shares of $20 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 $40 per share.

* 100,000 shares of $400 par value, 8% preferred stock at $420 per share.

* 100,000 shares of $20 convertible, no-par preferred stock at $220 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
Transaction (in thousands)	Common Shares IPO	8% Preferred IPO	No-par Preferred IPO	8% Preferred Dividend	No-par Preferred Dividend	Balance Sheet Totals
Assets
Cash
Shareholders' Equity
Common Stock
APIC - Common
$100 Preferred Stock
APIC-Preferred
$5 Conv. Preferred
Retained Earnings
Total Shareholders' Equity