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On May 1, 2023, their first day of operations, Nutty's Oil, Inc. issues 2,000 shares...

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Accounting

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On May 1, 2023, their first day of operations, Nutty's Oil, Inc. issues 2,000 shares of $4 par value common stock for $6 cash per share. Prepare Nutty's journal entry to record the May 1 stock issuance. DR: CR: CR: On May 15,2023 , Nutty's Oil, Inc. issues 5,000 shares of $4 part value common stock for $7 cash per share. Prepare Nutty's journal entry to record the May 1 stock issuance. DR: CR: CR: Nutty's Oil, Inc reports $25,000 net income for the year ending December 31, 2023. Their only equity transactions for 2023 were the two listed above. Prepare Nutty's Statement of Shareholder's Equity as of December 31, 2023 Nuttv's Oil. Inc Statement of Shareholder's Eauitv as of December 31. 2023

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