Make a statement of shareholders equity based off the following journal entries. The retained earnings are $25,771.

8/1 You filed a charter with the State of Louisiana to form your accounting corporation. The charter authorizes you to issue 50000 shares of $2 par common stock. The state charged you a $175 fee to file the charter. Since your business is not yet approved, you had to pay this fee using personal funds. (no entry required)

9/1 You received your charter from the State of Louisiana and officially opened your business. Your first order of business was to become a shareholder in your accounting corp. You purchased 5000 shares of common stock by issuing a check to your business for $50,000. You used this money to open a checking account at First Funds Bank.

Answer rating: 100% (QA)

Based on the given journal entries and the information provided about the retained earnings be... View the full answer