Reference no: EM132224271
Question - Below are several activities and events of Cumberland Corporation for its first year in business 2018:
October 10 - Filed Articles of Incorporation with the Secretary of State. The Articles authorize 10,000 shares of $1 par common stock and 1,000 shares of cumulative, 10%, $50 par value preferred stock.
October 15 - Issue 4,000 shares of common stock for $5 cash per share.
October 20 - Issue 200 shares of preferred stock for $12,000.
October 21 - Issued an additional 3,000 shares of common stock for $18,000 cash.
Required -
1. Journalize the transactions listed above.
2. Prepare at October 31st 2018 the Shareholder's Equity section of the balance sheet assuming net income for October was $50,000.
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