Question: Rainoy, Inc., was organized on June 5, 2012. It was authorized to issue 400,000 shares of $10 par common stock and 50,000 shares of 4

Rainoy, Inc., was organized on June 5, 2012. It was authorized to issue 400,000 shares of $10 par common stock and 50,000 shares of 4 percent cumulative class A preferred stock. The class A stock had a stated value of $25 per share. The following stock transactions pertain to Rainoy, Inc.

1. Issued 20,000 shares of common stock for $15 per share.

2. Issued 10,000 shares of the class A preferred stock for $30 per share.

3. Issued 50,000 shares of common stock for $18 per share.

Required

Prepare the stockholders’ equity section of the balance sheet immediately after these transactions have been recognized.

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