Recording and reporting common and preferred stock transactions
E.Com Inc. was organized on June 5, 2011. It was authorized to issue 200,000 shares of $5 par common stock and 20,000 shares of 5 percent cumulative class A preferred stock. The class A stock had a stated value of $50 per share. The following stock transactions pertain to E.Com Inc.:
1. Issued 10,000 shares of common stock for $8 per share.
2. Issued 3,000 shares of the class A preferred stock for $80 per share.
3. Issued 80,000 shares of common stock for $10 per share.
Required
a. Prepare general journal entries for these transactions.
b. Prepare the stockholders' equity section of the balance sheet immediately after these transactions.
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