Recording and reporting common and preferred stock transactions
Rainoy, Inc., was organized on June 5, 2012. It was authorized to issue 400,000 shares of $10 par common stock and 50,000 shares of 4 percent cumulative class A preferred stock. The class A stock had a stated value of $25 per share. The following stock transactions pertain to Rainoy, Inc.
1.Issued 20,000 shares of common stock for $15 per share.
2.Issued 10,000 shares of the class A preferred stock for $30 per share.
3.Issued 50,000 shares of common stock for $18 per share.
Required
Prepare the stockholders’ equity section of the balance sheet immediately after these transactions have been recognized.
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