Pina Colada Corporation was organized on January 1,2020

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Pina Colada Corporation was organized on January 1,2020

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Pina Colada Corporation was organized on January 1,2020 . It is authorized to issue 12,000 shares of 8 %, $ 100 par value preferred stock, and 512,000 shares of no-par common stock with a stated value of $ 2 per share. The following stock transactions were completed during the first year.

Jan. 10 Issued 79,000 shares of common stock for cash at $ 4 per share.

Mar. 1 . Issued 5,850 shares of preferred stock for cash at $ 105 per share.

Apr. 1 Issued 23,000 shares of common stock for land. The asking price of the land was $ 87,500. The fair value of the land was $ 88,000.

May 1 issued 81,000 shares of common stock for cash at $ 4.50 per share.

Aug. 1 Issued 12,000 shares of common stock to attorneys in payment of their bill of $ 36,000 for services performed in helping the company organize.

Sept. 1 Issued 12,000 shares of common stock for cash at $ 5 per share.

Nov. 1 issued 2,000 shares of preferred stock for cash at $ 108 per share.

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Answer Date Account Titles and Explanation Jan 10 Cash (79,000 $4) Debit Credit 316,000 Common Stock (79,000 $2) APIC- Common

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Pina Colada Corporation was organized on January 1,2020

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