Pooh, Roo, and Eeyore have decided to start a corporation selling pillows, plushies, mattresses and more. Corporations name will be P.R.E Dreams, Inc. According to their articles of incorporation, they received the approval to authorize 2 kinds of stock: 50,000 shares of 5%, $10 par preferred stock and 10,000,000 shares of $1 par common stock. Since Pooh was in business selling childrens beds and mattresses previously, he was elected the chairman of the board of directors and authorized the following activities.

1 180,000 shares common stock issued at $5.00 per share. M1 1 Purchased Mattress and Beds Inventory at cost $325,675 for cash. Ck. 98 1 Purchased Pillows and Plushies Inventory for $172,500 for cash. Ck. 99 1 Purchased Display fixtures for $45,525 that have a 7 year life for cash. Ck. 100

Complete a January 1st Balance Sheet. Turn in your General Journals, Ledgers and Balance Sheet