E13-24 (similar to) The charter of Magnolia Corporation authorizes the issuance of 1 000 shares of preferred stock and 1000 shares of common stock. During a two-month period, Magnolia completed these stock-issuance transactions:

23

Issued 250

shares of

$4

par value common stock for cash of

$ 13

per share.

Apr.

12

Received inventory with a market value of $ 26000

and equipment with a market value of

$ 14000

for

310

shares of the

$4

par value common stock.
	17		Issued 1 comma 000

shares of

7 %

,

$50

par value preferred stock for

$50

per share

Requirement 2. Prepare the stockholders' equity section of the

Magnolia

balance sheet as of

April

30

,

2018

,

for the transactions given in this exercise. Retained Earnings has a balance of

$ 77000

at

April

30

,

2018

.

Magnolia Corporation

Balance Sheet (Partial)

April 30, 2018

Stockholders' Equity