********HOMEWORK ASSIGNMENT ************ HW1 SpurMobile, a new corporation organized in the State of Texas on June 1, 2018 has articles of incorporation (also called charter) that authorizes Spur Mobile to issue 80,000 shares of 4%, $100 par value cumulative preferred stock, and 60,000 shares of $3 par value common stock. During the month of June, the company had the following stock and dividend transactions. Net income was $43,000 for the month Requirements: 1. Record the 5 stock and dividend transactions listed below. 2. Based on net income amount and the transactions in requirement 1 prepare the stockholders' equity section of Spur Mobile's balance sheet at June 30, 2018 Requirement 1. Transactions June 2: Issued 12,000 shares of common stock for a building with a market value of $200,000. (see the bottom of page 21 for this one) Debit Credit General Journal Account Name Building Common Stock - $ 3 par value Paid-In Capital in Excess of Par-Common June 6: Issued 900 shares of preferred stock for $120 per share. Debit Credit General Journal Account Name Cash Preferred Stock - S 100 par value 18.000 June 9: Issued 18,000 shares of common stock for cash $130,000. General Journal Account Name Debit Credit 54.000 June 10: Declared a $21,000 cash dividend for stockholders of record on June 15. The payment date is June 20. Use a separate Dividends Payable for preferred and common stock Credit General Journal Account Name Retained Earnings Dividends Payable - Preferred Dividends Pavable - Common Debit 21.000 13. June 20: Paid the cash dividend. General Journal Account Name Debit Credit Cash 21.000 Requirement 2. Prepare Partial Balance Sheet (Be sure to complete the descriptions (words) and numbers) (note: use the example on page 27, the descriptions in the first paragraph on page 29 and the account balances in the T accounts after posting the journal five entries on page 29 and this page) Balance Sheet (Partial) issued and outstanding $ 90,000 Stockholders' Equity Paid-In Capital: Preferred Stock- Par Value; authorized; Paid-In Capital Common Stock Par Value: authorized: Paid-In Capital in Excess of Par-Common Total Paid-In Capital issued and outstanding 14. 15. 438,000 Retained Earnings R.R.M. Total Stockholders' Equity $ 460,000 To determine the account balances, of course, post the journal entries to T accounts: Preferred Stock Paid-In Capital in - Preferred Common Stock Paid-In Capital in - Common 90,000 18,000 90,000 18,000 Retained Earnings Cash Building Dividends Payable-Pref Dividends Payable-Com Net Income (top of page 29)