4. A corporation was organized on January 30 of the current year, with an authorization of...

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4. A corporation was organized on January 30 of the current year, with an authorization of 20,000 shares of sa preferred stoc

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Answer 1

Answer #1

Date	Account Titles	Debit	Credit
2021
Jan 30	Cash	345000
	Common stock		45000
	Paid in capital in excess of par - common stock [15000*20]		300000

Jan 31	Organization expenses	6000
	Common stock [1200*3]		3600
	Paid in capital in excess of par - common stock [6000-3600]		2400

Feb 24	Land	65000
	Building	120000
	Equipment	45000
	Common stock [20,000*3]		60000
	Paid in capital in excess of par - common sto [bal. fig.]		170000

Mar 15	Cash	112000
	Preferred stock [2000*12]		24000
	Paid in capital in excess of par - preferred stock		88000

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