Problem
Captain Sporting Goods is authorized to issue 14,000 shares of common stock. During a two-month period, Captain completed these stock-issuance transactions: Aug 23 Issued 2,000 shares of $3 par common stock for cash of $17.50 per share Sept 12 Received inventory with a market value of $11,000 and equipment with market value of $46,000 for $3800 shares of the $3 par common stock
Prepare the stockholders equity section of Captain Sporting Goods balance sheet for the transactions given in this exercise.
Retained Earnings has a balance of $45000 (Enter the accounts in the proper order for the stockholders equity section of the balance sheet)