Required: Stockholders' Eauitv (Note: You must complete parts a through d before combleting t Feeney Corporation is authorized to issue 200,000 shares of $1 par value common stock and 50,000 shares of $10 par value preferred stock. During the year the company issued the following shares: Feb 2 Issued 20,000 shares of common stock, $1 par value, for cash of $40,000. Mar 17 Issued 2,000 shares of preferred stock, $10 par value, for cash of $25,000. May 24 Issued 10,000 shares of common stock, $1 par value, for cash of $30,000. Aug 15 Purchased 2,000 shares of common stock for $28,000 to put into the treasury. Oct 12 Sold 1,000 shares of treasury stock for $16 per share. a. How many common shares have been issued? b. How many common shares are outstanding? c. How many preferred shares have been issued d. How many preferred shares are outstanding? e. Prepare the stockholder's equity section of the balance sheet for the year ended assuming the net income for the year was $35,000..

1. Required: Stockholders' Eauitv (Note: You must complete parts a through d before combleting t
Feeney Corporation is authorized to issue 200,000 shares of $1 par value common stock and
50,000 shares of $10 par value preferred stock. During the year the company issued the following
shares: Feb 2 Issued 20,000 shares of common stock, $1 par value, for cash of $40,000. Mar 17
Issued 2,000 shares of preferred stock, $10 par value, for cash of $25,000. May 24 Issued 10,000
shares of common stock, $1 par value, for cash of $30,000. Aug 15 Purchased 2,000 shares of
common stock for $28,000 to put into the treasury. Oct 12 Sold 1,000 shares of treasury stock for
$16 per share. a. How many common shares have been issued? b. How many common shares
are outstanding? c. How many preferred shares have been issued d. How many preferred shares
are outstanding? e. Prepare the stockholder's equity section of the balance sheet for the year
ended assuming the net income for the year was $35,000.