Military Sporting Goods is authorized to issue 5,000 preferred shares and 10,000 common shares. During a two-month period, Military completed these share-issuance transactions: 23 Issued 2,500 common shares for cash of $14 per share. Jan Feb 2 Issued 200 $6.00 preferred shares for $22,000 cash. 12 Received inventory valued at $19,000 and equipment with fair value of Required $47,000 for 3,200 common shares. Prepare the shareholders' equity section of Military Sporting Goods balance sheet for the transactions given in this exercise. Retained Earnings has a balance of $40,000. Journal entries are not required. Prepare the shareholders' equity section of Military Sporting Goods balance sheet. Shareholders' Equity Shareholders' equity: Total shareholders' equity
Military Sporting Goods is authorized to issue 5,000 preferred shares and 10,000 common shares. During a two-month period, Military completed these share-issuance transactions: 23 Issued 2,500 common shares for cash of $14 per share. Jan Feb 2 Issued 200 $6.00 preferred shares for $22,000 cash. 12 Received inventory valued at $19,000 and equipment with fair value of Required $47,000 for 3,200 common shares. Prepare the shareholders' equity section of Military Sporting Goods balance sheet for the transactions given in this exercise. Retained Earnings has a balance of $40,000. Journal entries are not required. Prepare the shareholders' equity section of Military Sporting Goods balance sheet. Shareholders' Equity Shareholders' equity: Total shareholders' equity
Chapter14: Corporation Accounting
Section: Chapter Questions
Problem 9EA: St. Marie Company is authorized to issue 1,000,000 shares of $5 par value preferred stock, and...
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