Reporting Stockholders’ Equity on a Balance Sheet and Recording the Issuance of Stock – At the end of the 2011 annual reporting period, Mesa Industries’s balance sheet showed the following:
| MESA INDUSTRIES Don't use plagiarized sources. Get Your Custom Essay on give the journal entry to record the sale and issuance of the 1 500 shares of common 555507 For $10/Page 0nly | |
| Stockholders’ Equity | |
| Common stock (par $15; 7,000 shares) | $105,000 |
| Additional paid-in capital | 9,000 |
| Retained earnings | 48,000 |
| Total stockholders’ equity | $162,000 |
During 2012, the following selected transactions (summarized) were completed:
a. Sold and issued 1,500 shares of common stock at $26 cash per share (at year- nd).
b. Determined net income, $46,000.
c. Declared and paid a cash dividend of $1 per share on the beginning shares outstanding.
Required:
1. Prepare the stockholders’ equity section of the balance sheet at December 31, 2012.
2. Give the journal entry to record the sale and issuance of the 1,500 shares of common stock.
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