Goodrich Corporation recently received its corporate charter. The charter authorized the following stock: (100 POINTS)

Common Stock: $5 par value, 100,000 shares authorized

Preferred Stock: 8%, $12 par value, 85,000 shares authorized

During the year, the following transactions occurred:

1. Issued 80,000 shares of common stock for $20 per share
2. Sold 30,000 shares of preferred stock for $45 per share
3. Sold 10,000 shares of common stock for $32 per share and 26,000 shares of preferred stock for $52
4. Net Income for the year was $88,000 and dividends declared and paid were $43,000

Instructions

1. Prepare the journal entries to record each transaction
2. Prepare the Stockholders Equity section of the Statement of Financial Position (Balance Sheet)