Question 1 Not complete Marked out of 10.00 Accounting for Share Transactions At the beginning of the year, The Mann Corporation, a private entity, decided to go public. A charter of incorporation was constructed which authorized the sale of 10 million shares of $4 par value common stock, 100,000 shares of $400 par value, 8% preferred stock, and 200,000 shares of $20 no-par-value convertible preferred stock. The following shares were sold as part of the firm's initial public offering *1,000,000 shares of common stock at $40 per share. * 100,000 shares of $400 par value, 8% preferred stock at $420 per share. * 100,000 shares of $20 convertible, no-par preferred stock at $220 per share. At year-end, the full dividend was declared and paid on both preferred stock offerings. Required Using a spreadsheet, record the financial effects of the shareholders' equity transactions for The Mann Corporation for the year. Enter amounts in thousands (i.e., $10,000,000 = $10,000). Use a negative sign with answers to indicate a reduction in an account balance. The Mann Corporation No-par Balance Common 8% Preferred No par 8% Preferred Preferred Sheet Transaction (in thousands) Shares IPO IPO Preferred IPO Dividend Dividend Totals Assets Cash $ $ Shareholders' Equity Common Stock APIC - Common $100 Preferred Stock APIC-Preferred $5 Conv. Preferred Retained Earnings Total Shareholders' Equity