the charter for zycor inc authorizes the company to issue 100 000 preferred shares a 4375088

The charter for Zycor, Inc. authorizes the company to issue 100,000 preferred shares and 500,000 common shares. During its start-up phase, Zycor, Inc. completed the following transactions: 2014 Aug 6 Issued 500 common shares to the promoters who organized the corporation, receiving cash of $15,000. 12 Issued 300 preferred shares for cash of $20,000. 14 Issued 1,000 common shares in exchange for land valued at $26,000. Requirements 1. Record the transactions in the journal. 2. Prepare the shareholders’ equity section of Zycor’s balance sheet at December 31, 2014. Assume that the company earned net income of $25,000 during this period. View Solution:
The charter for Zycor Inc authorizes the company to issue

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