Project #83415 - Stockholders' Equity

                 
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.      
  Possible input areas are shaded.              
                 
  WITT CORPORATION          
  Balance Sheet (Partial)          
  At December 31, 2014          
  Stockholders’ equity:              
  Contributed capital:              
                 
                 
                 
                 
                 
                 
  Total contributed capital            639,000            
                 
                 
  Total stockholders’ equity              
                 
                 
                 
                 
                 

Subject Business
Due By (Pacific Time) 09/25/2015 12:00 pm
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