Below are several activities and events of Cumberland Corporation for its first year in business 2018 :1 October 10 Filed Articles of Incorporation…

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Below are several activities and events of Cumberland Corporation for its first year inbusiness 2018 :1October 10Filed Articles of Incorporation with the Secretary of State . The Articlesauthorize 10, 000 shares of $ 1 par common stock and 1, 000 shares ofcumulative , 10% , $50 par value preferred stock .October 15Issue 4 , 000 shares of common stock for $5 cash per share.October 20Issue 200 shares of preferred stock for $12, 000 .October 21Issued an additional 3, 000 shares of common stock for $18, 000 cash.Required ;1 .Journalize the transactions listed above .2. Prepare at October 31 St 2018 the Shareholder’s Equity section of the balance sheetassuming net income for Octoctober was $50 , 000 .

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