The owners are desirous of comparing serval financial transactions and possible outcomes to assist in guiding their decision-making process. They assume that the company will be formed on January 1, 2020. In addition, E&B Comic Bookstore Companys charter will authorize 1,200,000 shares of common stock (to be divided into two classes (700,000 shares class A -voting rights and 500,000 shares class B -nonvoting rights) and 400,000, $X par value (see info below),5% cumulative preferred stock.

.They have asked each student from your accounting course to prepare the companys journal entries and statement of owners equity based on the following information

1. Issued ____shares of class A common stock. Stock has par value of ___ per share and was issued at $____ per share.

# of shares issued	Par value	Issue Price
30% of authorised shares	$ 20.00	$28.00

2. Issued _____ shares of no-par class B

# of shares issued	Issue Price
30% of authorised shares	$ 25.00

3. Issued _______ shares of preferred stock at par value.

# of shares issued	Par Value
50% of authorised shares	$ 100.00

4. Exchanged ______ shares of class A common stock for Office Furniture and Equipment with an appraised value of $______ and Motor Truck with an appraised value of

# of shares issued	Office Furniture	Motor truck
40% of authorised shares	$ 4,000,000.00	$ 10,000,000.00

5. Earned Net income $______.

Net Income

$ 1,500,000.00

6. Declared interim dividends for preferred shareholders as well as $.80 per share to common stockholders.