The charter gives Mack the authority to issue 20,000 shares of $25 par value preferred stock and 100,000 shares of $10 par value common stock. June1Issued 4,000 shares of preferred stock at $28 per share. 4Issued 5,000 shares of common stock at $16 per share. 13Issued 6,000 shares of common stock at $18 per share. 21Issued 1,000 shares of preferred stock at $30 per share. July 22Issued 10,000 shares of $5 par common stock for $43,000 cash. 28Issued 6,000 shares of $5 par common stock for $33,000 cash. 31Issued 4,000 shares of $12 par, 7% preferred stock for $53,000 cash.   Journalize the above transactions(Omit explanations)

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A:

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Stockholder's Equity

The stockholders’ equity (often referred to as the book value of the company) is the number of assets available to the stockholder after its entire liabilities is paid off. The stockholders’ equity is also sometimes referred to as owner's equity. The stockholders’ equity or book value generally includes common stock, treasury stock retained earnings. It is an indicator of a company's financial strength and is an important item on the company's balance sheet.