es North Wind Aviation received its charter during January authorizing the following capital stock: Preferred stock:...

Transcribed Image Text:

es North Wind Aviation received its charter during January authorizing the following capital stock: Preferred stock: 8 percent, par $10, authorized 20,000 shares. Common stock: par $1, authorized 60,000 shares. The following transactions occurred during the first year of operations in the order given: a. Issued a total of 48,000 shares of the common stock for $12 per share. b. Issued 12,000 shares of the preferred stock at $13 per share. c. Issued 3,800 shares of the common stock at $17 per share and 1,200 shares of the preferred stock at $13. d. Net income for the first year was $56,000, but no dividends were declared. Required: Prepare the stockholders' equity section of the balance sheet at December 31. (Helpful tool: Record Journal Entries for each (A-D transaction before attempting to complete the balance sheet below) Contributed Capital: NORTH WIND AVIATION Balance Sheet (Partial) At December 31 Stockholders' Equity Total Contributed Capital Total Stockholders' Equity es North Wind Aviation received its charter during January authorizing the following capital stock: Preferred stock: 8 percent, par $10, authorized 20,000 shares. Common stock: par $1, authorized 60,000 shares. The following transactions occurred during the first year of operations in the order given: a. Issued a total of 48,000 shares of the common stock for $12 per share. b. Issued 12,000 shares of the preferred stock at $13 per share. c. Issued 3,800 shares of the common stock at $17 per share and 1,200 shares of the preferred stock at $13. d. Net income for the first year was $56,000, but no dividends were declared. Required: Prepare the stockholders' equity section of the balance sheet at December 31. (Helpful tool: Record Journal Entries for each (A-D transaction before attempting to complete the balance sheet below) Contributed Capital: NORTH WIND AVIATION Balance Sheet (Partial) At December 31 Stockholders' Equity Total Contributed Capital Total Stockholders' Equity