Problem: 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
• In 2012, the organization concluded the following chosen dealings. Journalize each deal. Explanations aren't needed.
o Provided for cash 1,300 shares of preferred shares at par value.
o Provided for cash 2,400 shares of ordinary shares at a cost of $5 for each share.
o Net income for the entire year was $74,000, and the organization announced no dividends. Make the closing entry for net income.
• Arrange the stockholders' equity part of the Lincoln-Priest balance sheet on December 31, 2012.
The response should include a reference list. Using double-space, Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.