Tropical Goods is authorized to issue 10,000 shares of common stock. During a two-month period, Tropical completed

Question:

Tropical Goods is authorized to issue 10,000 shares of common stock. During a two-month period, Tropical completed these stock-issuance transactions:
Feb 23 Issued 1,700 shares of $2.00 par for cash of $15.00 per share.
Mar 12 Received inventory with a market value of $19,000 and equipment with market value of $46,000 for 3,200 shares of the $2.00 par common stock.
Requirements
1. Journalize the transactions.
2. Prepare the stockholders' equity section of Tropical Sporting Goods' for the transactions given in this exercise. Retained Earnings has a balance of $45,000.
Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...