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Midwest Corp completed the following transactions in 2012, the first year of operation.
1. Issued 20,000 shares of $10 par common stock at par. 2. Issued 2,000 shares of $30 stated value preferred stock at $32 per share. 3. Purchased 500 shares of common stock as treasury stock for $15 per share. 4. Declared a five percent dividend on preferred stock. 5. Sold 300 shares of treasury stock for $18 per share. 6. Paid the cash dividend on preferred stock that was declared in event four. 7. Earned cash service revenue of $75,000 and incurred cash operating expenses of $42,000. 8. Appropriated $6,000 of retained earnings.
Required
a. Organize the transaction in accounts under an accounting equation.
b. Prepare the stockholders equity section of the balance sheet as of December 31, 2012.
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Prepare the investing and financing activities sections of the statement of cash flows and prepare the operating activities section of the company's statement of cash flows
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