Reference no: EM133061976
Question - The articles of incorporation for Post Malone Painting Inc. authorize the company to issue 1,000,000, $2.00 preferred shares and 2,000,000 common shares. During its first year of operations, Post Malone Painting Inc. completed the following transactions during 2021:
Jan 3 Issued 100,000 common shares receiving cash of $1,000,000.
Jan 28 Issued 250,000 preferred shares receiving cash of $500,000.
Jan 30 Issued 25,000 common shares in exchange for equipment valued at $43,000.
Dec 15 Malone declared a dividend of $10,000 to its shareholders.
Dec. 28 Malone paid the cash dividend.
Required -
(a) Record the transactions in the general journal.
(b) Prepare the shareholders equity section of Post Malone's balance sheet at December 31, 2021 assuming the company earned $50,000 in net income.
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