Reference no: EM132859704
Question - Park Green Corporation is authorized to issue 125,000 common shares and 90,000, $3 preferred shares. At Jan 1, 2020, the company's shareholders equity included the below:
26,000 common shares valued at $238,000
9,000 preferred shares valued at $132,000
Retained earnings was $62,000
During 2020 the net profit earned by Park Green Corp. was $41,000. The company did not issue any dividend during 2020. Also during 2020 the company issued the below:
On Mar 6, 2020 - 12,000 common shares for $11 each.
On May 10, 2020 - 5,000 preferred shares for $16 each and.
On Aug 11, 2020 - 13,000 common shares for land valued at $165,000.
Required - Prepare the shareholders equity part of the balance sheet in Dec 31, 2020.
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