Ex13-10

The articles of incorporation for Novak Technology Inc. authorize the issuance of 100,000 preferred shares and 250,000 common shares. During a two-month period, Novak 2 Technology Inc. completed these share-issuance transactions: Mar. 23 Issued 12,000 common shares for cash of $10.00 per share. Apr. 12 Received inventory valued at $60,000 and equipment with a market value of Exercise 13-10 reholders' equity section of a balance sheet Total shareholders' equity $271,500 $10,000 for 5,000 common shares. was cash of $11.00 per share. Issued 1,500 $2.25 preferred shares. The issue price 17 Required 1. Journalize the transactions, with explanations. 2. Prepare the shareholders' equity section of the Novak Technology Inc. balance sheet for the transactions given in this exercise. Retained Earnings has a balance of $65,000. Excel Spreadsheet Exercise 13-11 Template p euit vedion Skeet Corporation has the following sele shareholders' equity d a balance shee Sect sharehoide