Question: Show me the steps to solve part C: Finlay, Inc., issued 6,400 shares of $50 par value preferred stock at $34 per share and 9,600

Show me the steps to solve part C:

Finlay, Inc., issued 6,400 shares of $50 par value preferred stock at $34 per share and 9,600 shares of no-par value common stock at $5 per share. The common stock has no stated value. All issuances were for cash. a. Determine the financial statement effect of the share issuances (preferred and common). Balance Sheet Assets 265,600 Liabilities Income Statement Revenues Equity 265,600 Expenses Net Income b. Determine the financial statement effect of the issuance of the common stock assuming that it had a stated value of $5 per share. Balance Sheet Assets 48,000 Liabilities Income Statement Revenues Equity 48,000 Expenses Net Income c. Determine the financial statement effect of the issuance of the common stock assuming that it had a par value of $1 per share. Balance Sheet Assets 9,600 x Liabilities Income Statement Revenues Equity 9,600 Expenses Net Income x

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