On February 1, 2024, Nutty's Oil, Inc issues 1,000 shares of $10 par value 6% cumulative preferred stock for $13,000 cash.

Prepare Nutty's journal entry to record the issuance of Preferred Stock.

DR:

CR:

CR:

Nutty's Oil, Inc. reports $60,000 of Net Income during 2024 and declares and pays a cash dividend of $10,000.

Using the data above as well as the information from the previous question, prepare Nutty's Statement of Shareholders' Equity as of December 31, 2024. NOTE: be sure to differentiate between APIC-Common and APIC Preferred.

Nutty's Oil, Inc. Statement of Shareholders' Equity as of December 31, 2024

Account	Amount
Common Stock
Preferred Stock
APIC - Common
APIC - Preferred
Retained Earnings
Total Shareholders' Equity