Preparing the Stockholders' Equity Section of the Balance Sheet
Witt Corporation received its charter during January 2011. The charter authorized the following capital stock:
Preferred stock: 10 percent, par $10, authorized 21,000 shares
Common stock: par $8, authorized 50,000 shares
During 2011, the following transactions occurred in the order given:
a. Issued a total of 40,000 shares of the common stock to the four organizers at $12 per share.
b. Sold 5,500 shares of the preferred stock at $16 per share.
c. Sold 3,000 shares of the common stock at $15 per share and 1,000 shares of the preferred stock at $26.
d.Net income for the year was $51,000.
Required:
Prepare the Stockholders' Equity section of the balance sheet at December 31, 2011.
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