prepare the stockholders rsquo equity section of the kcas tv balance sheet at septem 551024
Issuing stock and preparing the stockholders’ equity section of the balance sheet
The charter for KCAS-TV, Inc., authorizes the company to issue 100,000 shares of $4, no-par preferred stock and 500,000 shares of common stock with $1 par value. During its start-up phase, KCAS completed the following transactions:
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prepare the stockholders rsquo equity section of the kcas tv balance sheet at septem 551024
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|
Sep 6 |
Issued 275 shares of common stock to the promoters who organized the corporation, receiving cash of $8,250. |
|
12 |
Issued 400 shares of preferred stock for cash of $20,000. |
|
14 |
Issued 1,600 shares of common stock in exchange for land valued at $18,000. |
|
30 |
Closed net income of $32,000 into Retained earnings. |
Requirements
1.Record the transactions in the general journal.
2.Prepare the stockholders’ equity section of the KCAS-TV balance sheet at September 30, 2012.
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