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North wind aviation received its charter capital stock

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Reference no: EM131779501

North Wind Aviation received its charter during January authorizing the following capital stock:

The following transactions occurred during the first year of operations in the order given:

a. Issued a total of 34,000 shares of the common stock for $14 per share.

b. Issued 11,000 shares of the preferred stock at $15 per share.

c. Issued 2,400 shares of the common stock at $19 per share and 1,100 shares of the preferred stock at $15.

d. Net income for the first year was $42,000.

Reference no: EM131779501

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