Inside Incorporated was issued a charter on January 15, 2013,that authorized the following capital stock: Common stock, $6 par,100,000 shares, one vote per share. Preferred stock, 7 percent, parvalue $10 per share, 5,000 shares, nonvoting. During 2013, thefollowing selected transactions were completed in the order given:a. Issued 19,000 shares of the $6 par common stock at $19 cash pershare. b. Issued 2,900 shares of preferred stock at $23 cash pershare. c. At the end of 2013, the accounts showed net income of$37,000.
1. Prepare the stockholdersâ equity section of thebalance sheet at December 31, 2013.
Inside Incorporated was issued a charter on January 15, 2013,that authorized the following capital stock: Common stock, $6 par,100,000 shares, one vote per share. Preferred stock, 7 percent, parvalue $10 per share, 5,000 shares, nonvoting. During 2013, thefollowing selected transactions were completed in the order given:a. Issued 19,000 shares of the $6 par common stock at $19 cash pershare. b. Issued 2,900 shares of preferred stock at $23 cash pershare. c. At the end of 2013, the accounts showed net income of$37,000.
1. Prepare the stockholdersâ equity section of thebalance sheet at December 31, 2013.
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| d. | Net income for the first yearwas $49,000. |
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