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North Wind Aviation received its charter during January authorizing the following capital stock: Preferred stock: 8 percent, par $10, authorized 20,000 shares. Common stock: par
North Wind Aviation received its charter during January authorizing the following capital stock: |
Preferred stock: 8 percent, par $10, authorized 20,000 shares. |
Common stock: par $1, authorized 50,000 shares. |
The following transactions occurred during the first year of operations in the order given: |
a. | Issued a total of 40,000 shares of the common stock for $15 per share. |
b. | Issued 10,000 shares of the preferred stock at $16 per share. |
c. | Issued 3,000 shares of the common stock at $20 per share and 1,000 shares of the preferred stock at $16. |
d. | Net income for the first year was $48,000. |
Required: |
Prepare the stockholders equity section of the balance sheet at December 31. I did half of the assignment, but there're some things missing I couldn't figure it out |
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