Witt Corporation received its charter during January of this year. The charter authorized the following stock: Preferred stock: 10 percent, $11 par value, 21,500 shares authorized Common stock: $9 par value, 50,300 shares authorized During the year, the following transactions occurred in the order given: 1. Issued 38,000 shares of the common stock for $13 per share. 2. Sold 6,100 shares of the preferred stock for $17 per share. 3. Sold 3,900 shares of the common stock for $16 per share and 2,900 shares of the preferred stock for $27 per share. 4. Net income for the year was $70,000. Required: Prepare the stockholders' equity section of the balance sheet at the end of the year.
Witt Corporation received its charter during January of this year. The charter authorized the following stock: Preferred stock: 10 percent, $11 par value, 21,500 shares authorized Common stock: $9 par value, 50,300 shares authorized During the year, the following transactions occurred in the order given: 1. Issued 38,000 shares of the common stock for $13 per share. 2. Sold 6,100 shares of the preferred stock for $17 per share. 3. Sold 3,900 shares of the common stock for $16 per share and 2,900 shares of the preferred stock for $27 per share. 4. Net income for the year was $70,000. Required: Prepare the stockholders' equity section of the balance sheet at the end of the year.
Chapter14: Corporation Accounting
Section: Chapter Questions
Problem 7PA: Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 500,000...
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