Shelby Corporation was organized in January to operate an air-conditioning sales and service business. The...
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Shelby Corporation was organized in January to operate an airconditioning sales and service business. The charter issued by the state authorized the following capital stock: Common stock, $ par value, shares. Preferred stock, $ par value, percent, shares. During January and February, the following stock transactions were completed: a Collected $ cash and issued shares of common stock. b Issued shares of preferred stock at $ per share; collected in cash. Net income for the year was $; cash dividends declared and paid at yearend were $ Required: Prepare the stockholders' equity section of the balance sheet at December Helpful tool: Record Journal Entries for each AD transaction before attempting to complete the balance sheet below 
Shelby Corporation was organized in January to operate an airconditioning sales and service business. The charter issued by the
state authorized the following capital stock:
Common stock, $ par value, shares.
Preferred stock, $ par value, percent, shares.
During January and February, the following stock transactions were completed:
a Collected $ cash and issued shares of common stock.
b Issued shares of preferred stock at $ per share; collected in cash.
Net income for the year was $; cash dividends declared and paid at yearend were $
Required:
Prepare the stockholders' equity section of the balance sheet at December Helpful tool: Record Journal Entries for each AD
transaction before attempting to complete the balance sheet below
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