Clarkson Chivas, Inc., was started on July 1, 2010. The company is authorized to issue 200,000 shares of 6%, $110 par value preferred stock, and 1,500,000 shares of common stock with a par value of $1 per share. The following stock transactions took place during the fiscal year ended June 30, 2011:

July 15 ....Issued 10,000 shares of common stock for cash at $2 per share

October 1..Issued 5,000 shares of preferred stock for cash at $115 per share

January 12 ..Issued 15,000 shares of common stock for cash at $4 per share

March 10 ...Issued 7,500 shares of preferred stock for cash at $120 per share

June 1 ....Issued 25,000 shares of common stock for cash at $6 per share

Requirements

1. Show each transaction in the accounting equation.

2. Prepare the contributed capital portion of the shareholders’ equity section of the balance sheet at June 30,2011.