On January 1, 2014, Dr Requirement:
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On January 1, 2014, Dr. Beth Hill started a new professional corporation, Beth Hill, P.C., to practice medicine with an initial investment of $100,000 in exchange for 20,000 shares of $2 par value common stock. On June 30, 2014, the accounting records showed the following amounts: $$\begin{array} { | l | r | } \hline \text { Accounts Payable } & \$ 2,000 \\\hline \text { Accounts Receivable } & \$ 6,200 \\\hline \text { Cash } & \$ 48,100 \\\hline \text { Common stock } & \$ ? \\\hline \text { Additional paid-in capital } & \$ ? \\\hline \text { Office Equipment } & \$ 60,000 \\\hline \text { Office Supplies } & \$ 3,500 \\\hline \text { Retained Earnings } & \$ 5,800 \\\hline \text { Notes Payable } & \$ 10,000 \\\hline\end{array}$$ Requirement:
1. Calculate the amounts for common stock and additional paid-in capital.
2. Prepare a balance sheet as of June 30, 2014.