Boston Rep Honcho Sporting Goods is authorized to issue 5,000 preferred shares and 10,000 common shares. During a two-month period, Honcho completed these share-issuance transactions: n June 23 Issued 1,200 common shares for cash of $14 per share. July 2 Issued 500 $6.00 preferred shares for $25,000 cash. 12 Received inventory valued at $18,000 and equipment with fair value of $45,000 for 3,000 common shares. Required Prepare the shareholders' equity section of Honcho Sporting Goods balance sheet for the transactions given in this exercise. Retained Earnings has a balance of $40,000. Journal entries are not required. Prepare the shareholders' equity section of Honcho Sporting Goods balance sheet. Shareholders' Equity Shareholders' equity: ho r 6 ? Choose from any list or enter any number in the input fields and then click Check Answer. ad lu All parts showing Clear All Check