Directions: Complete the accounting equation based on the information below.

Background Information:

a) Daffy Duck paid 20,000 for $1,000 shares of $10 par common stock issued to him.

b) Issued an additional 2,000 shares for $25 a share

Goofy Company

Accounting Equation

Balance Sheet Income Statement

Event Assets Stockholders Equity

Cash + Land = Common Stock + PIC in Excess Revenue - Expense = Net Income

1 XXX XXX $10,000 XXX XXX - XXX = XXX

2 XXX XXX $20,000 XXX XXX - XXX = XXX