Captain Sporting Goods is authorized to issue 13,000 shares of common stock. During a two-month…
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Captain Sporting Goods is authorized to issue 13,000 shares of common stock. During a two-month period, Captain completed these stock-issuance transactions: Jul 23 Issued 3,200 shares of $1.00 par common stock for cash of $13.00 per share. 12 Received inventory valued at $13,000 and equipment with market value of $48,000 for 3,000 shares of the $1.00 par common stock. Requirement 1. Prepare the stockholders’ equity section of Captain Sporting Goods’ balance sheet for the transactions given in this exercise. Retained Earnings has a balance of $49,000. Journal entries are not required.
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