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Problem 13-04A a-c (Part Level Submission) (Video) Whispering Winds Corporation is authorized to issue 22,500 shares of $50 p

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Preferred Stock
Opening Balance $ 5,25,000.00
Feb 1-Land $ 1,00,000.00
Mat 1-Cash $     65,000.00
Dec 31-Closing Balance $        7,10,000.00 Sept 1-Patents $     20,000.00
$        7,10,000.00 $ 7,10,000.00
Common Stock
Opening Balance $ 3,42,500.00
July 1-Cash $     80,000.00
Dec 31-Closing Balance $        4,62,500.00 Dec 1-Cash $     40,000.00
$        4,62,500.00 $ 4,62,500.00
Paid-in capital in excess of Par-Preferred Stock
Opening Balance $     73,500.00
Feb 1-Land $     25,000.00
Mat 1-Cash $     26,000.00
Dec 31-Closing Balance $        1,32,500.00 Sept 1-Patents $       8,000.00
$        1,32,500.00 $ 1,32,500.00
Paid-in capital in excess of Par-Common Stock
Opening Balance $ 7,00,000.00
July 1-Cash $     32,000.00
Dec 31-Closing Balance $        7,52,000.00 Dec 1-Cash $     20,000.00
$        7,52,000.00 $ 7,52,000.00
Retained Earnings
Opening Balance $ 3,10,000.00
Dec 31-Closing Balance $        5,70,000.00 Dec 31-Income Summary $ 2,60,000.00
$        5,70,000.00 $ 5,70,000.00
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