P12-30A Issuing stock and preparing the stockholders equity section of the balance sheet
Lincoln-Priest, Inc. was created in the year 2011. On December 31, 2011, the Lincoln-Priest balance sheet documented the following stockholders equity:
Requirements
In 2012, the organization concluded the following chosen dealings. Journalize each deal. Explanations aren’t needed.
Provided for cash 1,300 shares of preferred shares at par value.
Provided for cash 2,400 shares of ordinary shares at a cost of $5 for each share.
Net income for the entire year was $74,000, and the organization announced no dividends. Make the closing entry for net income.
Arrange the stockholders equity part of the Lincoln-Priest balance sheet on December 31, 2012.
