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One thousand shares of preferred stock no par were sold for

Question: Worksheet Approach During 2012, Young Company had the following transactions:

a. Cash dividends of $10,000 were paid.

b. Equipment was sold for $4,800. It had an original cost of $18,000 and a book value of $9,000. The loss is included in operating expenses.

c. Land with a fair market value of $25,000 was acquired by issuing common stock with a par value of $6,000.

d. One thousand shares of preferred stock (no par) were sold for $7 per share. Young Company provided the following income statement (for 2012) and comparative balance sheets:

Required: Prepare a worksheet for Young Company.

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Accounting Basics: One thousand shares of preferred stock no par were sold for

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Accounting Basics: One thousand shares of preferred stock no par were sold for

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