Reference no: EM132468219

The accounting equation and problems below based off the information and transactions provided

Background Information: Kristof was is newly formed, has 60,000 shares of $15 par common stock authorized. March 1, 2018 Kristoff issued 7,000 shares of stock for $18 per share May 2nd, an additional 12,000 shares at $20 per share were issued

A) Complete the accounting equation

                                     Kristof

                                  Accounting Equation

Balance Sheet Income Statement        Event Assets Liabilities Stockholders Equity

                                                              Cash =                          + Common Stock + PIC in Excess Revenue - Expense = Net Income

1-Mar                                                                   $                      105,000

2-May                                                                   $                   180,000

Total                                                          $            $                $ 285,000                            $

Question 1: Determine the amount Kristoff would report for common stock on December 31,2018.

Question 2: Determine the amount Kristoff would report for paid-in capital in excess of par.

Question 3: What is the total amount of capital distributed by the owners

Question 4: What amount of total assets would Kristoff report on the December 21,2018 balance sheet

Common Stock                       XXX

Paid in Capital in excess of par XXX

Total Paid-in Capital              XXX

Total Assets                         XXX