Partnerships and CorporationsUse your own words to compare and contrast the characteristics of a partnership and the characteristics of a corporation.

Stockholders Equity & Corporations Worksheet Part 1. Partnerships and CorporationsUse your own words to compare and contrast the characteristics of a partnership and the characteristics of a corporation. Use the Internet or your Fortis LIRN resources to support your answer, as appropriate. Be sure to cite your sources.Part 2. Common StockOn July 2, SpaceShifter Inc. issued 62,000 shares of $3.00 par value common stock.a. Prepare the journal entry if the shares are issued for $10.00 per share. Enter your answers in the shaded boxes.General JournalDateAccount NamesDebitCreditJul. 2To record sale of stockb. Prepare the journal entry if the shares are issued for $6.00 per share. Enter your answers in the shaded boxes.General JournalDateAccount NamesDebitCreditJul. 2To record sale of stockPart 3. Cash DividendsOn November 23, Wheelhouse Entertainment declares a $180,000 dividend. Wheelhouses common stock has a $6 par value and 65,000 shares outstanding. Its preferred stock is 4%, $11 par, and 30,000 shares outstanding. Cope did not pay dividends for two years prior to the current year. The dividend is to be paid on December 31.a. Prepare the journal entries for the declaration and payment of the dividend if the preferred stock is cumulative. Hint: Determine the preferred stock payment first. Enter your answers in the shaded boxes.General JournalDateAccount NamesDebitCreditNov 23To record declaration of dividendGeneral JournalDateAccount NamesDebitCreditDec 31To record payment of dividendb. Prepare the journal entries for the declaration and payment of the dividend if the preferred stock is noncumulative. Hint: Determine the preferred stock payment first. Enter your answers in the shaded boxes.General JournalDateAccount NamesDebitCreditNov 23To record declaration of dividendGeneral JournalDateAccount NamesDebitCreditDec 31To record payment of dividend

Part 4. Stockholders EquityRalston Enterprises has a treasury stock balance of $300,000, a common stock balance of $2,500,000, a retained earnings balance of $3,200,000, a preferred stock balance of $600,000, and an additional paid-in capital balance of $1,000,000. Prepare the stockholders equity section of Ralstons balance sheet. Enter your answers in the shaded boxes.Total Stockholders EquityStockholders Equity & Corporations WorksheetPart 1. Partnerships and CorporationsUse your own words to compare and contrast the characteristics of a partnership and the characteristics of a corporation. Use the Internet or your Fortis LIRN resources to support your answer, as appropriate. Be sure to cite your sources.Part 2. Common StockOn July 2, SpaceShifter Inc. issued 62,000 shares of $3.00 par value common stock.a. Prepare the journal entry if the shares are issued for $10.00 per share. Enter your answers in the shaded boxes.General JournalDateAccount NamesDebitCreditJul. 2To record sale of stockb. Prepare the journal entry if the shares are issued for $6.00 per share. Enter your answers in the shaded boxes.General JournalDateAccount NamesDebitCreditJul. 2To record sale of stockPart 3. Cash DividendsOn November 23, Wheelhouse Entertainment declares a $180,000 dividend. Wheelhouses common stock has a $6 par value and 65,000 shares outstanding. Its preferred stock is 4%, $11 par, and 30,000 shares outstanding. Cope did not pay dividends for two years prior to the current year. The dividend is to be paid on December 31.a. Prepare the journal entries for the declaration and payment of the dividend if the preferred stock is cumulative. Hint: Determine the preferred stock payment first. Enter your answers in the shaded boxes.General JournalDateAccount NamesDebitCreditNov 23To record declaration of dividendGeneral JournalDateAccount NamesDebitCreditDec 31To record payment of dividendb. Prepare the journal entries for the declaration and payment of the dividend if the preferred stock is noncumulative. Hint: Determine the preferred stock payment first. Enter your answers in the shaded boxes.General JournalDateAccount NamesDebitCreditNov 23To record declaration of dividendGeneral JournalDateAccount NamesDebitCreditDec 31To record payment of dividendPart 4. Stockholders EquityRalston Enterprises has a treasury stock balance of $300,000, a common stock balance of $2,500,000, a retained earnings balance of $3,200,000, a preferred stock balance of $600,000, and an additional paid-in capital balance of $1,000,000. Prepare the stockholders equity section of Ralstons balance sheet. Enter your answers in the shaded boxes.Total Stockholders Equity

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