1. Help w Fin. Acct. Please show work Thanks
Witt Corporation received its charter during January 2014. The charter authorized the following
capital stock: Preferred stock: 10 percent, par $12, authorized 21,600 shares Common stock: par
$10, authorized 51,800 shares. During 2014, the following transactions occurred in the order
given: a. Issued a total of 38,500 shares of the common stock to the four organizers at $14 per
share. b. Sold 7,200 shares of the preferred stock at $18 per share. c. Sold 4,000 shares of the
common stock at $17 per share and 2,100 shares of the preferred stock at $28. d. Net income for
the year was $64,000. Prepare the Stockholders' Equity section of the balance sheet at December
31, 2014. (Amounts to be deducted should be indicated with a minus sign.)
Solution
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