Stockholders’ equity section of the balance sheet [10-15 min]
The charter of Evergreen Capital Corporation authorizes the issuance of 900 shares of preferred stock and 1,250 shares of common stock. During a two-month period, Evergreen completed these stock-issuance transactions:
| Mar 23 | Issued 230 shares of $4 par common stock for cash of $15 per share. |
Apr 12 | Received inventory valued at $23,000 and equipment with a market value of $20,000 for 320 shares of the $4 par common stock. |
17 | Issued 900 shares of 5%, $20 par preferred stock for $20 per share. |
Requirements
1. Record the transactions in the general journal.
2. Prepare the stockholders’ equity section of the Evergreen balance sheet for the transactions given in this exercise. Retained earnings has a balance of $79,000.
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