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Shelby Corporation wat organized in January to operate an air-conditioning sales and service business. The...

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Accounting

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Shelby Corporation wat organized in January to operate an air-conditioning sales and service business. The charter issued by the state authorized the following capital stock Common stock, $1 par value, 200,000 chares. Preferred stock, $10 par value, 6 percert, 50,000 shares. During January and February, the foliowing stock transactions were completed a. Collected $400,000 cash and issued 20,000 shares of common stock. b. issued 15,000 shares of preferred stock at $30 per share, collected in cash. Net income for the year was $50,000; cash divdends declared and pald at year-end were $10,000. Required: Prepare the stockhoiders' equity section of the balance shect at December 31

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