Issuing stock at par and at a premium, preparing Stockholders' Equity section of balance sheet, and recording stock subscriptions. Stove Inc. was organized on March 1, 20X1, to operate a delivery service. The firm is authorized to issue 75,000 shares of no-par-value common stock with a stated value of $100 per share and 30,000 shares of $100 par-value, 8 percent preferred stock that is nonparticipating and noncumulative. Selected transactions that took place during March 20X1 follow. INSTRUCTIONS 1. Set up the following general ledger accounts: Record in general journal form the transactions listed below, and post them to the general ledger accounts. 2. Prepare the Stockholders' Equity section of a balance sheet for Stove Inc. as of March 31, 20X1. Analyze: What percentage of total stockholders' equity is held by common stockholders? Page 738 Issuing stock at par and at a premium, preparing Stockholders' Equity section of balance sheet, and recording stock subscriptions. Stove Inc. was organized on March 1, 20X1, to operate a delivery service. The firm is authorized to issue 75,000 shares of no-par-value common stock with a stated value of $100 per share and 30,000 shares of $100 par-value, 8 percent preferred stock that is nonparticipating and noncumulative. Selected transactions that took place during March 20X1 follow. INSTRUCTIONS 1. Set up the following general ledger accounts: Record in general journal form the transactions listed below, and post them to the general ledger accounts. 2. Prepare the Stockholders' Equity section of a balance sheet for Stove Inc. as of March 31, 20X1. Analyze: What percentage of total stockholders' equity is held by common stockholders? Page 738