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E11-5 (Algo) Determining the Effects of the Issuance of Common and Preferred Stock (LO 11-2, LO 11-4) Pepita Farms was issued a charter on January 15 authorizing the following capital stock: Common stock, $6 par. 100,000 shares, one vote per share, Preferred stock, 7 percent, par value $10 per share, 5,000 shares, nonvoting, The following selected transactions were completed during the first year of operations in the order given: a. Issued 18,000 shares of the $6 par common stock at $20 cash per share. b.issued 2,800 shares of preferred stock at $24 cash per share. c. At the end of the year, the accounts showed net income of $36,000. No dividends were declared. Required: 1. Prepare the stockholders' equity section of the balance sheet at December 31. 2. Assume that you are a common stockholder of Pepita Farms. If the company needed additional capital, would you prefer to have it issue additional common stock or additional preferred stock? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the stockholders' equity section of the balance sheet at December 31. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the stockholders' eaulty section of the balance sheet at December 3%. PEPITA FARMS Balance Sheet (Partial) At December 31 Stockholders' Equity Contributed Capital: 0 Total Contributed Capital $ Total Stockholders' Equity Required: 1. Prepare the stockholders' equity section of the balance sheet at December 31. 2. Assume that you are a common stockholder of Pepita Farms. If the company needed additional capital, would you prefer to have it Issue additional common stock or additional preferred stock? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assume that you are a common stockholder of Pepita Farms. If the company needed additional capital, would you prefer to have it issue additional common stock or additional preferred stock? Additional Common Stock Additional Preferred Stock