Reference no: EM132659500

Problem 1: Prepare a stockholder‘s equity section of the balance sheet in proper format using the following information. (Remember treasury stock is common stock)

1. Poppa Inc. was organized and authorized to issue 25,000 shares of $500 par value, 4% percent preferred stock, and 250,000 shares of $6 par value common stock onluly 1, 2019

a. Issued 1,200 shares of preferred stock

b. APIC - preferred 15,000

c. Issued 60,000 shares of common stock

d. APIC-Common 194,000

e. Had 3,000 shares of treasury stock at a cost of 30,000

f. APIC-Treasury 4,200

g. Retained earnings had a balance of 23,000