Citadel Sporting Goods is authorized to issue 5,000 preferred shares and 10,000 common shares. During a two-month period, Citadel completed these share-issuance transactions:

Prepare the shareholders' equity section of the Citadel Sporting Goods balance sheet for the transactions given in this exercise. Retained Earnings has a balance of \(\$ 49,000\). Journal entries are not required.

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Sept. 23 Issued 1,000 common shares for cash of $16 per share. Oct. 222 12 Issued 300 $4.50 preferred shares for $20,000 cash. Received inventory valued at $15,000 and equipment with fair value of $43,000 for 4,000 common shares.