Question

Any help would be very much appreciated!

Problem 11-1A Martinez Corp. was organized on January 1 2017. It is authorized to issue 23 000 shares or 5% $5 par value preferred stock and 4 8 000 shares of no par common stock with a stated value of S2 per share. The following stock transactions were completed during the first year Jan. 10 Issued 69,000 shares of common stock for cash at $5 per share Mar. ssued 1,180 shares of preferred stock for cash at $57 per share May Issued 114,000 shares of common stock for cash at $8 per share. Sept. 1 Issued 4,800 shares of common stock for cash at S4 per share. Nov. 1 Issued 2,800 shares of preferred stock for cash at $55 per share. ournalize the transactions. (Record journal cntrics in the order presented in the problem. Credit account tities are automatically indented when amount is entered. Do not indent manually. If no entry is required select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit

Answer 1

Requirement-(a Date Jan. 10 General Journal Cash Debit Credit Remarks [69,000 x $5] [69,000 x $2] 345,000 Common Stock Addl. Paid in Capital in Excess of Stated - Common $138,000 $207,000 [Balancing Figurel Mar. 1 [1,180 x $57] [1,180 x $50] Cash $67,260 $59,000 Preferred Stock Addl. Paid in Capital in Excess of Par - Preferred $8,260[Balancing Figure] $912,000 [114,000 x $8] [114,000 x $2] May. 1 Cash Common Stock Addl. Paid in Capital in Excess of Stated - Common $228,000 $684,000 [Balancing Figure] Sep. 1 Cash $19,200 [4,800 x $A] 2] Common Stock Addl. Paid in Capital in Excess of Stated - Common $9,600[4,800 x $ $9,600[Balancing Figure] [2,800 x $55] [2,800 x $50] Nov. 1 Cash $154,000 $140,000 Preferred Stock Addl. Paid in Capital in Excess of Par - Preferred $14,000 [Balancing Figurel

Martinez Corp. Balance Sheet (Partial) December 31, 2027 Stockholders' Equity: Contributed Capital (or) Paid-in-Capital: Capital Stock: 5% Preferred stock, $50 par value, 23,000 shares authorised; 3,980 shares issued Common stock, $2 stated value, 458,000 shares authorized; 187,800 shares issued; 187,800 shares outstanding Total Capital Stock $199,000 $375,600 $574,600 Additional Pad-in-Capital: Addl. Paid in Capital in Excess of Par - Preferred Addl. Paid in Capital in Excess of Stated - Common Total Additional Paid-in-capital $22,260 $900,600 $922,860 $1,497,460 Total Stockholders' Equity