Instructions The Struther's Corporation was organized on January 1, 2003. It is authorized to issue 40,000 shares of $8, no par value cumulative preferred shares and 5,000,000 common shares of no par value with a stated value of $2 per share. The following share transactions were completed during the first year: Jan. Issued 90,000 common shares for cash at $4 per share. 10 Mar. Issued 10,000 preferred shares for cash at $106 per share. 1 Apr. 1 Issued 20,000 common shares for equipment. The asking price of the equipment was $84,000; the fair market value of the shares on this date was $78,000. June Issued 90,000 common shares for cash at $5 per share. 20 Aug. Issued 20,000 common shares to lawyers in payment for 1 their bill of $84,000 for services rendered in helping the company organize. Sept. Issued 20,000 common shares for cash at $4.50 per share. 1 Nov. Issued 2,000 preferred shares for cash at $109 per share. 1 Instructions (a) Journalize the transactions. (b) Post to the shareholders' equity accounts. (c) Assuming that that net income for the year was $316,000, prepare the shareholders' equity section of the balance sheet at December 31, 2003. (d) Assuming that that net income for the year was $316,000, calculate return on equity and book value per common share at December 31, 2003. please make tables for each

Instructions The Struther's Corporation was organized on January 1, 2003. It is authorized to issue 40,000 shares of $8, no par value cumulative preferred shares and 5,000,000 common shares of no par value with a stated value of $2 per share. The following share transactions were completed during the first year: Jan. Issued 90,000 common shares for cash at $4 per share. 10 Mar. Issued 10,000 preferred shares for cash at $106 per share. 1 Apr. 1 Issued 20,000 common shares for equipment. The asking price of the equipment was $84,000; the fair market value of the shares on this date was $78,000. June Issued 90,000 common shares for cash at $5 per share. 20 Aug. Issued 20,000 common shares to lawyers in payment for 1 their bill of $84,000 for services rendered in helping the company organize. Sept. Issued 20,000 common shares for cash at $4.50 per share. 1 Nov. Issued 2,000 preferred shares for cash at $109 per share. 1 Instructions (a) Journalize the transactions. (b) Post to the shareholders' equity accounts. (c) Assuming that that net income for the year was $316,000, prepare the shareholders' equity section of the balance sheet at December 31 , 2003. (d) Assuming that that net income for the year was $316,000, calculate return on equity and book value per common share at December 31, 2003