Question

Concord Corporation was organized on January 1, 2020. It is authorized to issue 14,000 shares of 8%, $100 par value preferred stock, and 511,000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 82,000 shares of common stock for cash at $6 per share. Mar. 1 Issued 4,850 shares of preferred stock for cash at $105 per share. Apr. 1 Issued 25,000 shares of common stock for land. The asking price of the land was $93,000. The fair value of the land was $82,000. May 1 Issued 76,500 shares of common stock for cash at $4.50 per share. Aug. 1 Issued 11,000 shares of common stock to attorneys in payment of their bill of $41,500 for services performed in helping the company organize. Sept. 1 Issued 12,000 shares of common stock for cash at $7 per share. Nov. 1 Issued 2,500 shares of preferred stock for cash at $112 per share.

Answer 1

Preferred Stock
		Mar-01	$ 485,000
		Nov-01	$ 250,000
Dec-31	$ 735,000	Dec-31	$ 735,000

Common Stock
		Jan-10	$ 246,000
		Apr-01	$   75,000
		May-01	$ 229,500
		Aug-01	$   33,000
		Sep-01	$   36,000
Dec-31	$ 619,500	Dec-31	$ 619,500

Paid-in Capital in Excess of par-Preferred Stock
		Mar-01	$   24,250
		Nov-01	$   30,000
Dec-31	$   54,250	Dec-31	$   54,250

Paid-in Capital in Excess of stated value-Common Stock
		Jan-10	$ 246,000
		Apr-01	$     7,000
		May-01	$ 114,750
		Aug-01	$     8,500
		Sep-01	$   48,000
Dec-31	$ 424,250	Dec-31	$ 424,250

Concord Corporation
Balance Sheet (Partial)
As at Dec 31, 2020
Stockholder's Equity
Capital Stock
Preferred Stock	$ 735,000
Common Stock	$ 619,500
Total Capital Stock		$ 1,354,500
Additional Paid in Capital
Paid-in Capital in Excess of par-Preferred Stock	$   54,250
Paid-in Capital in Excess of stated value-Common Stock	$ 424,250
Total Additional Paid in Capital		$    478,500
Total Stockholder's Equity		$ 1,833,000