In your post, (1) present the required journal entry or entries, (2) show all calculations, and (3) describe the impact of the journal entry (or entries) on the stockholders' equity section of the balance sheet.

CHAPTER 13 TEAM PROBLEM

Kodiak Apparel has two classes of stock authorized: 6%, $10 par preferred, and $1 par value common. The following transactions affect stockholders equity during 2018, its first year of operations:

PART 2
February	14	Issue 60,000 shares of preferred stock for $12 per share.

*** Please describe the impact of your journal entry on the stockholders' equity section of the balance sheet. For full credit, be sure to show all supporting calculations!!!