Business
Business, 06.04.2020 18:24, ciel8809

Tandy Company was issued a charter by the state of Indiana on January 15 of this year. The charter authorized the following:

Common stock, $8 par value, 121,000 shares authorized
Preferred stock, 9 percent, par value $8 per share, 5,300 shares authorized

During the year, the following transactions took place in the order presented:

a. Sold and issued 21,400 shares of common stock at $12 cash per share.
b. Sold and issued 2,000 shares of preferred stock at $16 cash per share.
c. At the end of the year, the accounts showed net income of $41,000. No dividends were declared.

Required:

Prepare the stockholders’ equity section of the balance sheet at the end of the year.

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Answers: 3

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Tandy Company was issued a charter by the state of Indiana on January 15 of this year. The charter a...

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