Business, 06.12.2019 06:31 journeywalker19

Inside incorporated was issued a charter on january 15 authorizing the following capital stock: common stock, $6 par, 100,000 shares, one vote per share. preferred stock, 7 percent, par value $10 per share, 5,000 shares, nonvoting. the following selected transactions were completed during the first year of operations in the order given: issued 20,000 shares of the $6 par common stock at $18 cash per share. issued 3,000 shares of preferred stock at $22 cash per share. at the end of the year, the accounts showed net income of $38,000.prepare the stockholders' equity section of the balance sheet at december 31.

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