fapricorn Industries was issued a charter on January 15 authorizing the following capital stock: Common stock, $6 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: a. Issued 19,000 shares of the $6 par common stock at $19 cash per share. b. Issued 2,900 shares of preferred stock at $23 cash per share. c. At the end of the year, the accounts showed net income of $37,000. No dividends were declared. Required: 1. Prepare the stockhoiders' equity section of the balance sheet at December 31 . 2. Assume that you are a common stockholder of Capricorn Industries. If the company needed additional capital, would you prefo have it issue additional common stock or additional preferred stock? Complete this question by entering your answers in the tabs below. Prepare the stockholders' equity section of the balance sheet at December 31 . Ocean View Properties, reported the following account balances on January 1 . The company entered into the following transactions during the year. January 15 Issued 22,000 shares of $1 par connon stock for $82, 600 cash. January 31 Collected $3,000 from customers on account. February 15 Reacquired 3,320 shares of 31 par common stock into treasury for 336,520 cash. March 15 Reissued 2,326 shares of treasury stock for $27,520 cash. August 15 Reissued 680 shares of treasury stock for 54,600 cash. Septenber 15 Declared (but did not yet pay) a $1 cash dividend on each outstanding share of common stock. october 1 Issued 190,18 -year, $1,17e bonds, at a quoted bond price of 101 . October 3 wrote off a 51,560 balance due from a customer who went bankrupt. December 29 Recorded $262,890 of service revenue, all of which was collected in cash. December 30 Paid $232,860 cash for this year's wages through December 31 . (Ignore payrol1 taxes and payroll deductions.) Deceeber 31 calculated $10,860 of depreciation for the year to be recorded. (Ignore accrual adjustments for interest and inco taxes.) Journal entry worksheet Issued 21,000 shares of $1 par common stock for $82,000 cash. Record the transaction. Note: Enter debits before credits. Journal entry worksheet 678 Collected $3,000 from customers on account. Record the transaction. Note: Enter debits before credits. Journal entry worksheet Reacquired 3,320 shares of $1 par common stock into treasury for $36,520 cash. Record the transaction. Note: Enter debits before credits. Journal entry worksheet Reissued 2,320 shares of treasury stock for $27,520 cash. Record the transaction. Note: Enter debits before credits. Journal entry worksheet Reissued 600 shares of treasury stock for $4,600 cash. Record the transaction. Note: Enter debits before credits. Journal entry worksheet Declared (but did not yet pay) a $1 cash dividend on each outstanding share of common stock. Record the transaction. Note: Enter debits before credits. Journal entry worksheet Issued 100,10 -year, $1,170 bonds, at a quoted bond price of 101 . Record the transaction. Note: Enter debits before credits. Journal entry worksheet Wrote off a $1,500 balance due from a customer who went bankrupt. Record the transaction. Note: Enter debits before credits. Journal entry worksheet
