Business, 09.04.2021 02:50, hippocampus

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:
a. Issued 22,000 shares of the $6 par common stock at $20 cash per share.
b. Issued 3,200 shares of preferred stock at $24 cash per share.
c. At the end of the year, the accounts showed net income of $40,000.

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Inside Incorporated was issued a charter on January 15 authorizing the following capital stock: Com...