Flint Corporation is authorized to issue both preferred and common stock. The par value of the preferred is $50.During the first year of operations , the company had the following events and transactions pertaining to its preferred stock.

Prepare a tabular summary to record the transactions. Include margin explanations for the changes in revenues and expenses.

Flint Corporation is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock Feb. 1 July 1 Issued 27, 200 shares for cash at $51 per share. Issued 40,800 shares for cash at $56 per share. (a) Prepare a tabular summary to record the transactions. Include marginexplanations for the changes in revenues and expenses. (if a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign for parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets Liabilities Cash Common Stock PIC in Excess of Par Com. Feb. 1 $ $ July 1