Please explain how you get those answers step by step
Runnels Analytic Designs Company was started on January 1, 2009. The company is authorized to issue 44,000 shares of 5%, $102 par value preferred stock and 620,000 shares of common stock with a par value of $9 per share. The following stock transactions took place during 2009: 50% $102 par value preferred stock and 620.000 shares of common stock with a par value of $ per Share. The followi January 15 March 1 July 12 Issued 4,700 shares of common stock for cash at $10 per share Issued 8,000 shares of preferred stock for cash at $106 per share Issued 28,000 shares of common stock for cash at $11 per share Issued 4,600 shares of preferred stock for cash at $110 per share Issued 18,500 shares of common stock for cash at $13 per share October 10 December 1 Requirements 1. Show each transaction in the accounting equation. 2. Prepare the contributed capital portion of the stockholders' equity section of the balance sheet at December 31, 2009. Accounts pay. = Accounts payable Accounts rec. = Accounts receivable APIC - CS = Additional paid-in capital - common stock APIC - PS = Additional paid-in capital - preferred stock 1. Show each transaction in the accounting equation. Some of the account names will be abbreviated. January 15: Runnels issued 4,700 shares of common stock for cash at $10 per share. (Use parentheses or a minus sign when entering component decreases or contra account increases. If a transaction has no effect on the accounting equation, leave the equation blank. Use only the necessary input lines.) Assets Liabilities $ Account $ Account Shareholders' Equity + Contributed Capital + Retained Earnings $ Account Account + $ 42,300' Common stock + 4,700' APIC-CS + 47,000 Cash + March 1: Runnels issued 8,000 shares of preferred stock for cash at $106 per share. (Use parentheses or a minus sign when entering component decreases or contra account increases. If a transaction has no effect on the accounting equation, leave the equation blank. Use only the necessary input lines.) Assets Liabilities $ Account Account Shareholders' Equity + Contributed Capital + Retained Earnings $ Account Account + $ 816,000 Preferred stock + + 32,000 APIC - PS + 848,000 Cash July 12: Runnels issued 28,000 shares of common stock for cash at $11 per share. (Use parentheses or a minus sign when entering component decreases or contra account increases. If a transaction has no effect on the accounting equation, leave the equation blank. Use only the necessary input lines.) Shareholders' Equity Assets Liabilities + Contributed Capital + Retained Earnings Account Account Account Account + $ 252,000 Common stock + + 56,000 APIC-CS + 308,000 Cash October 10: Runnels issued 4,600 shares of preferred stock for cash at $110 per share. (Use parentheses or a minus sign when entering component decreases or contra account increases. If a transaction has no effect on the accounting equation, leave the equation blank. Use only the necessary input lines.) Assets - + + Liabilities Account $ Account Shareholders' Equity Contributed Capital Contributed cap + Retained Earnings Account $ Account $ 469,200 Preferred stock + 36,800' APIC - PS + + 506,000 Cash December 1: Runnels issued 18,500 shares of common stock for cash at $13 per share. (Use parentheses or a minus sign when entering component decreases or contra account increases. If a transaction has no effect on the accounting equation, leave the equation blank. Use only the necessary input lines.) Assets Liabilities Account Account Shareholders' Equity + Contributed Capital + Retained Earnings $ Account $ Account + $ 166,500 Common stock + 74,000' APIC-CS + OR + 240,500 Cash 2. Prepare the contributed capital portion of the stockholders' equity section of the balance sheet at December 31, 2009. Shareholders' equity: Preferred stock $ 1,285,200 102 par, 5% 44,000 shares authorized; 12,600 shares, issued.and outstanding ......... $ 9 par, 620,000 shares authorized; 51,200 shares, issued.and outstanding ........ Common stock $ Additional paid-in, capital.-.camman stock. .... UWILIULIOL C H ICOVILCI UILILTICIILUUN . . . . . . . . . . . . . . . . . . . . . . 460,800 134,700 68,800 1,949,500 Additional.paid-in.capital - preferred stock. .......... Total.contributed. capital
