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Barker Corp. received a charter authorizing 120,000 shares of common stock at $15 par value per share.During the first year of operations, 40,000 shares were sold at $28 per share. 600 shares were issued inpayment of a current operating debt of $18,600. In the first year, the net income was $142,000.During the year, dividends of $36,000 were paid to stockholders. At the end of the year, total liabilities were$82,000. Use the given data to compute the following items at the end of the first year (show allcomputations):(1) Total liabilities and stockholders’ equity(2) Stockholders’ equity(3) Contributed capital(4) Issued capital stock (par)(5) Outstanding capital stock (par)(6) Unissued capital stock (number of shares)(7) Paid-In capital in excess of par value
ASSIGNMENT No.: 7501706ParticularsAuthorised CapitalIssued CapitalCapital issued for deb paymentNet IncomeDividendTotal Liabilities No. of sharesPar Value Issue Price Amount120,000 $15.00…
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