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.