Delta Travel Agency, a new corporation, took over the assets and liabilities of Worldwide Travel Agency, owned

Question:

Delta Travel Agency, a new took over the assets and liabilities of Worldwide Travel Agency, owned by Rosa Davis, on June 5, 2016. The assets and liabilities assumed, after appropriate revaluation by Worldwide Travel Agency, are as follows:
Cash ................................................... $ 58,400
Accounts Receivable ................................. 112,000
Allowance for Doubtful Accounts .................. (4,000)
Merchandise Inventory .............................. 248,000
Accounts Payable ..................................... (20,000)
Accrued Expenses Payable .......................... (22,400)
The is authorized to issue 300,000 shares of no-par-value with a stated value of $10 per share and 20,000 shares of $25 par-value preferred stock. The preferred stock bears a of $2 per share per year. The transactions entered into at the time the was formed follow.
Instructions
1. Prepare the general journal entries to record the transactions.
2. Prepare the opening as of June 5, 2016, for Delta Travel Agency.
DATE __TRANSACTIONS
June 5 The issued to Rosa Davis with a stated value equal to her net equity in the sole proprietorship business, and the took over Davis's assets and liabilities.
5 Issued 4,000 shares of to Ned Turner for $40,000 cash.
5 Issued 1,200 shares of preferred stock to Selena Cantu. She paid $30,000 in cash for the stock.
Analyze: What is the amount of total stockholders' equity as of June 5, 2016?
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