Question

were completed duning the frst year cash at $6 per share. pe. 1 Issued 24,000 shares of common stock ay 1 Issued 76,500 shares of ug. 1 Issued 11,000 shares of common stock to ept. 1 Issued 11,500 shares of common stock for cash at $5 per share. stock for cash at $4.25 per share.

Answer 1

Answer

Preferred Stock
Date	Debit	Credit	Balance
Mar-01	$0	$475,000	$475,000
Nov-01	$0	$150,000	$625,000
Common Stock
Date	Debit	Credit	Balance
Jan-10	$0	$234,000	$234,000
Apr-01	$0	$72,000	$306,000
May-01	$0	$229,500	$535,500
Aug-01	$0	$33,000	$568,500
Sep-01	$0	$34,500	$603,000
Paid in Capital in Excess of Par - Preferred Stock
Date	Debit	Credit	Balance
Mar-01	$0	$23,750	$23,750
Nov-01	$0	$12,000	$35,750
Paid in Capital in Excess of Stated - Common Stock
Date	Debit	Credit	Balance
Jan-10	$0	$234,000	$234,000
Apr-01	$0	$15,000	$249,000
May-01	$0	$95,625	$344,625
Aug-01	$0	$9,000	$353,625
Sep-01	$0	$23,000	$376,625

Balance sheet [Partial]
as at 31 Dec 2017
Stockholder's Equity
Paid in Capital – Capital Stock
Common Stock		$603,000
Preferred Stock		$625,000
Total Capital Stock		$1,228,000
Additional Paid in Capital:
Paid in Capital in Excess of Par - Preferred Stock	$35,750
Paid in Capital in Excess of Stated - Common Stock	$376,625
Total additional paid in capital		$412,375
Total paid in capital = Total Stockholder's Equity		$1,640,375