Fierra Sceptre Inc. was authorized to issue 50,000 $1.50 preferred shares and 300,000 common shares. During...
Fierra Sceptre Inc. was authorized to issue 50,000 $1.50
preferred shares and 300,000 common shares. During 2017, its first
year of operations, the following selected transactions
occurred:
| Jan. | 1 | 5,200 of the preferred shares were issued at $13.00 per share; cash. | |
| Feb. | 5 | 15,000 of the common shares were issued for a total of $128,000; cash. | |
| Mar. | 20 |
3,000 of the common shares were given to the organizers of the corporation regarding their efforts. The shares were valued at a total of $29,000. |
|
| May | 15 |
12,200 preferred shares and 21,000 common shares were issued at $13.10 and $9.50 respectively; cash. |
|
| Dec. | 31 |
The Income Summary account was closed; it showed a debit balance of $331,000. December 31 is Fierra’s year-end. |
b. Prepare the equity section of Fierra Sceptre Inc.’s balance sheet at December 31, 2017. (Amounts to be deducted should be indicated by a minus sign.)
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Fierra Sceptre Inc. was authorized to issue 50,000 $1.50
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