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  3. 12. masters corporation charter authorizes 7,800,0

12. Masters Corporation charter authorizes 7,800,000 shares of common stock and 760,000 shares of preferred...

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12. Masters Corporation charter authorizes 7,800,000 shares of common stock and 760,000 shares of preferred stock and the company had the following transactions in 2015, ts first year of operations Issued 1,800,000 shares of common stock. Stock has par value of $35.00 per share and was issued for cash at $63.00 per share Issued 180,000 shares of $210 par value preferred stock. Shares were issued for cash at par Earned net income of $1.800.000. Dividends of $750,000 declared and paid in cash. Required: 1. 2. Journalize the above transactions in the books of Masters Corporation. (5 Marks) Prepare the stockholders' equity section of the balance sheet at December 31. 2015

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