On February 1,2024 , Nutty's Oil, Inc issues 1,000 shares of $10 par value 6%...
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On February 1,2024 , Nutty's Oil, Inc issues 1,000 shares of $10 par value 6% cumulative preferred stock for $13,000 cash. Prepare Nutty's journal entry to record the issuance of Preferred Stock. DR: CR: CR: Nutty's Oil, Inc. reports $60,000 of Net Income during 2024 and declares and pays a cash dividend of $10,000. Using the data above as well as the information from the previous question, prepare Nutty's Statement of Shareholders' Equity as of December 31, 2024. NOTE: be sure to differentiate between APIC-Common and APIC Preferred
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