Solution-Prepare the shareholders equity section of the

Prepare the shareholders equity section of the Mid-way

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Reference no: EM132555939

Question - The article of incorporation for mid-way consulting inc. authorize the company to issue 500,000 $5 preferred shares 1,000,000 common shares. During its first year of operations, mid-way consulting Inc. completed the following transactions:

2014 -

Jan. 4 Issued 5,000 common shares to the consultants who formed the corporation, receiving cash of 140,000.

Jan. 13 Issued 500 prefered shares for cash of $55,000.

Jan. 14 Issued 4,000 common shares in exchange for land valued at 120,000.

Dec. 31 Earned a profit for the fiscal year and closed the $150,00 net income into Retained Earnings.

Required -

a. Record the transactions in general journal.

b. Prepare the shareholders' equity section of the Mid-way Consulting Inc. balance sheet at December 31, 2014.

Reference no: EM132555939

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Prepare the shareholders equity section of the Mid-way

Reference no: EM132555939

Reference no: EM132555939

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