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need help with how to do the balance sheet Recording Stock Issues Jackson Corporation was organized in 2016 in Arizona. Its state charter authorized it
need help with how to do the balance sheet Recording Stock Issues Jackson Corporation was organized in 2016 in Arizona. Its state charter authorized it to issue 1 million shares of $1 par value common stock and 25,000 shares of 4 percent, $20 par value cumulative and convertible preferred stock. Jackson's stock transaction during 2017 were as follows: Feb. 1 Issued 100,000 shares of common stock for $125,000. 15 Issued 3,000 shares of common stock for accounting and legal services. The bill for these services totaled $3,600. Mar 15 Issued 120,000 shares of common stock to Edward Jackson in exchange for a building and land appraised at $100,000 and $25,000, respectively Apr2 Purchased 20,000 shares of common stock for the treasury at $1.25 per share from a person who July 1 Issued 25,000 shares of preferred stock for $500,000 Sept 30 Sold 10,000 of the shares in treasury for $1.50 per share. Dec. 31 Jackson's board of directors declared dividends of $24,910 payable on January 15, 2018, to changed her mind about investing in the company. stockholders of record on January 7. Dividends included preferred stock dividends of $10,000 for one-half year. For the period ended December 31, 2017, Jackson reported net income of $40,000 and earnings per common share of $.14. At December 31, the market price per common share was $1.60. Required: a. Record Jackson's stock transactions b. Prepare the stockholders' equity section of Jackson's balance sheet as of December 31, 2017
need help with how to do the balance sheet
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