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Record issuance of shares as well as preparing shareholders

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In late 2020, the Nicklaus Corporation was formed. The corporate charter authorizes the issuance of 5,000,000 shares of common stock carrying a $1 par value, and 1,000,000 shares of $5 par value, noncumulative, nonparticipating preferred stock. On January 2, 2021, 3,000,000 shares of the common stock are issued in exchange for cash at an average price of $10 per share. Also on January 2, all 1,000,000 shares of preferred stock are issued at $25 per share.

Problem 1: Record the issuance of both shares as well as preparing the shareholders' equity section of the Nicklaus balance sheet as of March 31, 2021.

Reference no: EM132814663

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