Question: Need help preparing a stockholders equity section as format below I figured out the rest Sheffield Corporation is authorized to issue 23,000 shares of $50
Need help preparing a stockholders equity section as format below I figured out the rest
Sheffield Corporation is authorized to issue 23,000 shares of $50 par value, 10% preferred stock and 125,000 shares of $5 par value common stock. On January 1, 2022, the ledger contained the following stockholders' equity balances. Preferred Stock (11,500 shares) $575,000 Paid-in Capital in Excess of Par-Preferred Stock 67,000 Common Stock (62,000 shares) 310,000 Paid-in Capital in Excess of Par-Common Stock 650,000 Retained Earnings 280,000 During 2022, the following transactions occurred. Feb. 1 Issued 2,000 shares of preferred stock for land having a fair value of $129,000. Mar. 1 Issued 1,200 shares of preferred stock for cash at $65 per share. July 1 Issued 17,000 shares of common stock for cash at $7 per share. Sept. 1 Issued 550 shares of preferred stock for a patent. The asking price of the patent was $32,000. Market price for the preferred stock was $70 and the fair value for the patent was indeterminable. Dec. 1 Issued 7,500 shares of common stock for cash at $7.50 per share. Dec. 31 Net income for the year was $260,000. No dividends were declared.Date Account Titles and Explanation Debit Credit Feb. 1 Land 129,000 Preferred Stock 100,000 Paid-in Capital in Excess of Par-Preferred Stock 29,000 Mar. 1 Cash 78,000 Preferred Stock 60,000 Paid-in Capital in Excess of Par-Preferred Stock 18,000 July 1 Cash 119.000 Common Stock 85,000 Paid-in Capital in Excess of Par-Common Stock 34,000 Sept. 1 Patents 38.500 Preferred Stock 27.500 Paid-in Capital in Excess of Par-Preferred Stock 11,000 Dec 1 Cash 56.250 Common Stock 37.500 Paid-in Capital in Excess of Par-Common Stock 18,750 Dec 31 Income Summary 260,000 Retained Earnings 260,000\fPrepare a stockholders' equity section at December 31, 2022. (Enter the account name only and do not provide the descriptive information provided in the question.) SHEFFIELD CORPORATION Balance Sheet (Partial) December 31, 2022 v
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