Question

Coronado Corporation's charter authorized issuance of 91,000 shares of $10 par value common stock and 53,700 shares of $50 preferred stock. The following transactions involving the issuance of shares of stock were completed. Each transaction is independent of the others. 1. Issued a $10,500, 9% bond payable at par and gave as a bonus one share of preferred stock, which at that time was selling for $107 a share. 2. Issued 470 shares of common stock for equipment. The equipment had been appraised at $6,700; the seller's book value was $6,800. The most recent market price of the common stock is $15 a share. Issued 396 shares of common and 109 shares of preferred for a lump sum amounting to $9,800. The common had been selling at $13 and the preferred at $65. 4. Issued 180 shares of common and 53 shares of preferred for equipment. The common had a fair value of $15 per share; the equipment has a fair value of $7,000. 3. Isa Record the transactions listed above in journal entry form. (Round Round intermediate calculations to 6 decimal places, e.g. 0.546872 and final answers to O decimal places, e.g. $38,487. Credit account titles 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.)

Please show all work

Answer 1

No.	Transactions	Dr. ($)	Cr. ($)
1	cash	10500
	discount on bonds payable	107
	To bond payable		10500
	To preferred stock		50
	To additional paid-in capital		57
	(being issuance of bonds along with bonus preferred share)
2	equipment	6800
	To common stock (470 shares * $10)		4700
	To additional paid-in capital		2100
	(being shares issued against equipment)
3	cash	12233
	To common stock (396 shares * $10)		3960
	To additional paid-in capital common stock (396 shares * $3)		1188
	To preferred stock (109 shares * $50)		5450
	To additional paid-in capital preferred stock (109 shares * $15)		1635
	(being issuance of common and preferred shares)
4	equipment	7000
	To common stock (180 shares * $10)		1800
	To additional paid-in capital common stock		1031
	To preferred stock (53 shares *$50)		2650
	To additional paid-in capital preferred stock		1519
	(being issuance of common and preferred shares against equipment)

the below is calculation for the last transaction i.,e No.4

calculation of total additional paid-in capital for 4
value of equipment	7000
value of common stock	-1800
value of preferred stock	-2650
additional paid-in capital needs to be split between common and preferred stocks	2550
total face value of shares (common and preferred) issued for equipment
common stock	1800
preferred stock	2650
total face value of shares (common and preferred)	4450
distribution of additional paid-in capital	2550
common stock (2550*1800)/4450	1031
preferred stock (2550*2650)/4450	1519