Definitely having trouble with my practice assignments and fear of failing the homework assignments. I just want to make sure what I have on paper is going in right direction.

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nside Incorporated was issued a charte on January 15 authorizing the following capital stock Common stock, S6 par, 100,000 shares, one vote per share Preferred stock, 7 percent, par value $10 per share, 5,000 shares, nonvoting The following selected transactions were completed during the first year of operations in the order given Issued 27,000 shares of the $6 par common stock at $16 cash per share b. a. Issued 3,700 shares of preferred stock at $20 cash per share c. At the end of the year, the accounts showed net income of $45,000. Required: 1. Prepare the stockholders' equity section of the balance sheet at December 31. INSIDE INCORPORATED Balance Sheet (Partial) At December 31 Stockholders' Equity Contributed Capital: Total Contributed Capital Total Stockholders' Equity 2. Assume that you are a common stockholder of Inside Incorporated. If the company needed additional capital, and maintaining your current level of voting control was important, would you prefer to have it issue additional common stock or additional preferred stock? O Additional Common Stock O Additional Preferred Stock