Cate Corp. was organized on March 1, 2019, to operate a delivery service. The firm is authorized to issue 75,000 shares of no-par-value common stock with a stated value of $100 per share and 30,000 shares of $100 par-value, 8 percent preferred stock that is nonparticipating and noncumulative. Selected transactions that took place during March 2019 follow.

101	Cash
114	Subscriptions ReceivableCommon Stock
115	Subscriptions ReceivablePreferred Stock
301	Common Stock
302	Common Stock Subscribed
305	Paid-in Capital in Excess of Stated ValueCommon
311	Preferred Stock
312	Preferred Stock Subscribed
315	Paid-in Capital in Excess of Par ValuePreferred

DATE		TRANSACTIONS
March	1	The corporation received its charter. (Make a memorandum entry.)
	1	Issued 725 shares of common stock for cash at $100 per share to Jerri Harris.
	3	Issued 475 shares of preferred stock for cash at par value to Gloria Amos.
	5	Issued 475 shares of common stock for cash at $107 to Carolyn Reed.
	5	Received a subscription for 525 shares of common stock at $106 per share from Joan Patterson, payable in two installments due in 10 and 20 days.
	14	Received a subscription for 375 shares of preferred stock at $108 per share from Robert Tolliver, payable in two installments due in 15 and 30 days.
	20	Received payment of a stock subscription installment due from Joan Patterson (one-half of the purchase pricesee March 5 transaction).
	29	Received payment of a stock subscription installment due from Robert Tolliver (one-half the purchase pricesee March 14 transaction).
	30	Received the balance due on the stock subscription of March 5 from Joan Patterson; issued the stock.

Required:

1. Record in general journal form the transactions listed above, and post them to the general ledger accounts.
2. Prepare the Stockholders Equity section of a balance sheet for Cate Corporation, as of March 31, 2019.

Analyze: What percentage of total stockholders equity is held by common stockholders?