Total StockholdersEquity Assignment
The charter of Oak Tree Corporation authorizes the issuance of 800 shares of preferred stock and 2,500 shares of common stock. During a two-month period, Oak Tree completed these stock-issuance transactions (Click the icon to view the transactions.) Requirements 1. Record the transactions in the general journal. 2. Prepare the stockholders' equity section of the Oak Tree balance sheet as of April 30, 2016, for the transactions given in this exercise. Retained Earnings has a balance of $75,000 at April 30, 2016. Mar. 23: Issued 230 shares of $1 par value common stock for cash of $18 per share.
Date Accounts and Explanation Debit Credit Mar. 23 Cash 4,140 Common Stock—$1 Par Value Paid-In Capital in Excess of Par—Common 230 3,910 Issued common stock for cash. Apr. 12: Received inventory with a market value of $29,000 and equipment with a market value of $17,000 for 340 shares of the $1 par value common stock. Date Accounts and Explanation Credit Apr. 12 Debit 29,000 17,000 Inventory Equipment Common Stock—$1 Par Value Paid-In Capital in Excess of Par—Common Issued common stock for inventory and equipment 340 45,660 Apr. 17: Issued 800 shares of 6%, $50 par value preferred stock for $50 per share. Date Accounts and Explanation Debit Credit Apr. 17 Cash 40,000 Preferred Stock-$50 Par Value 40,000 Issued preferred stock for cash. un e Lupul LUI Balance Sheet (Partial) April 30, 2016 Stockholders' Equity Paid-In Capital: Total Paid-In Capital Total Stockholders' Equity.
