Citadel Sporting Goods is authorized to issue 14,000 shares of common stock. During atwo-month period, Citadel completed thesestock-issuance transactions:

Jan 23 Issued 2,800 shares of $6.00 par common stock for cash of $15.00 per share.

Feb 12 Received inventory with a market value of $16,000 and equipment with marketvalue of $42,000 for 3,900 shares of the $6.00 par common stock.

Requirements

1. Journalize the transactions.

2. thestockholders' equity section of Citadel SportingGoods' balance sheet for the transactions given in this exercise.

Retained Earnings has a balance of $47,000.

Requirement 1. Journalize the transactions. Begin by journalize the transaction on January 23.

(Record debitsfirst, then credits. Exclude explanations from any journalentries.)

Journal Entry

Date Debit Credit

Jan 23

Cash

Common Stock

Paid-in Capital in Excess of Par - Common

Next, journalize the transaction on February 12.

Journal Entry

Date Debit Credit

Feb 12

Inventory

Equipment

Common Stock

Paid-in Capital in Excess of Par - Common

Requirement 2.

thestockholders' equity section of Citadel SportingGoods' balance sheet for the transactions given in this exercise.

Retained Earnings has a balance of $47,000.

(Enter the accounts in the proper order for thestockholders' equity section of the balancesheet.)

Balance Sheet (Partial)

Stockholders' Equity:

Common stock, $ ? Par ? shares ? issued = ?

Paid-in capital in excess of par-common =

Retained earnings =

Total stockholders' equity =