P11-2 Witt Corporation received its charter during January 2014. The charter authorized the following capital stock:
Preferred stock: 10 percent, par $10, authorized 21,000 shares
Common stock: par $8, authorized 50,000 shares.
During 2014, the following transactions occurred in the order given:
a. Issued a total of 40,000 shares of the common stock to the four organizers at $12 per share.
b.Sold 5,500 shares of the preferred stock at $16 per share.
c. Sold 3,000 shares of the common stock at $15 per share and 1,000 shares of the preferred stock at $26.
d. Net income for the year was $96,000.
Required:
Prepare the Stockholders’ Equity section of the balance sheet at December 31, 2014.
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Possible input areas are shaded. |
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WITT CORPORATION |
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Balance Sheet (Partial) |
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At December 31, 2014 |
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Stockholders’ equity: |
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Contributed capital: |
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Total contributed capital |
639,000 |
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Total stockholders’ equity |
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