Question

Pina Colada Corp. was organized on January 1, 2017. It is authorized to issue 19,300 shares of 5%, $52 par value preferred stock and 461,000 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 70,500 shares of common stock for cash at $6 per share. Mar. 1 Issued 1,210 shares of preferred stock for cash at $57 per share. May 1 Issued 115,500 shares of common stock for cash at $6 per share. Sept. 1 Issued 5,100 shares of common stock for cash at $4 per share. Nov. 1 Issued 3,100 shares of preferred stock for cash at $54 per share. a a D E = T = 2 và 9 5 5

Answer 1

Date	Account Titles	Debit	Credit
Jan.10	Cash (70,500 x $6)	$ 423,000.00
	Common Stock (70,500 x $1)		$   70,500.00
	Additional Paid in capital - Common (70,500 shares x ($6 -$1)		$ 352,500.00
	(To record the issuance of  common stocks)
Mar.1	Cash (1210 x $57)	$   68,970.00
	Preferred Stock (1,210 x $52)		$   62,920.00
	Additional Paid in capital - Preferred (1,210 shares x ($57 -$52)		$     6,050.00
	(To record the issuance of  Preferred stocks)
May.1	Cash (115,500 x $6)	$ 693,000.00
	Common Stock (115,500 x $1)		$ 115,500.00
	Additional Paid in capital - Common (115,500 shares x ($6 -$1)		$ 577,500.00
	(To record the issuance of  common stocks)
Sept.1	Cash (5100 x $4)	$   20,400.00
	Common Stock (5,100 x $1)		$     5,100.00
	Additional Paid in capital - Common (5,100 shares x ($4-$1)		$   15,300.00
	(To record the issuance of  common stocks)
Nov.1	Cash (3100 x $54)	$ 167,400.00
	Preferred Stock (3100 x $52)		$ 161,200.00
	Additional Paid in capital - Preferred (31000 shares x ($54 -$52)		$     6,200.00
	(To record the issuance of  Preferred stocks)