Reference no: EM132866789

Problem - Stock Issuance - The following transactions are for Weber Corporation in 2016:

a. On March 1, the corporation was organized and received authorization to issue 5,000 shares of 8%, $100 par value preferred stock and 2,000,000 shares of $10 par value common stock.

b. On March 10, Weber issued 5,000 shares of common stock at $35 per share.

c. On March 18, Weber issued 100 shares of preferred stock at $120 per share.

d. On April 12, Weber issued another 10,000 shares of common stock at $45 per share.

Required -

1. Prepare the appropriate journal entries.

2. Prepare the Stockholders' Equity section of the balance sheet as of December 31, 2016.

3. Does the balance sheet indicate the market value of the stock at year-end? Explain.