P12-30A

  

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

1. 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.

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2. Arrange      the stockholders’ equity part of the Lincoln-Priest balance sheet on      December 31, 2012.