Question

Runnels Geometric Designs Company was started on January 1, 2009. The company is authorized to issue 50,000 shares of 8%, $105 par value preferred stock and 600,000 shares of common stock with a par value of $2 per share. The following stock transactions took place during 2009:
January 15 ..... Issued 5,000 shares of common stock for cash at $3 per share
March 1 ...... Issued 10,000 shares of preferred stock for cash at $110 per share
July 12 ..... Issued 30,000 shares of common stock for cash at $5 per share
October 10 .... Issued 5,000 shares of preferred stock for cash at $108 per share
December 1 ... Issued 20,000 shares of common stock for cash at $7 per share

Requirements
1. Show each transaction in the accounting equation.
2. Prepare the contributed capital portion of the stockholders’ equity section of the balance sheet at December 31, 2009.



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  • CreatedSeptember 01, 2014
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