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Prepare the stockholders equity section of the blue sheet

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Reference no: EM132170246

Question - During the year the following transactions took place in the order presented:

a. Sold and issued 20,000 shares of common stock at $16 cash per share.

b. Sold and issued 3,000 shares of preferred stock at $20 cash per share.

c. At the end of the year the accounts showed net income of $60,000. No dividends were declared.

Required -

1. Prepare the stockholders equity section of the blue sheet at the end of the year.

2. Assume that you are a common stockholder. If Tandy needed additional capital would you prefer to have it issue additional common stock or additional preferred stock? Explain.

Reference no: EM132170246

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