Question

Flounder Corp. was organized on January 1, 2022. It is authorized to issue 21,500 shares of 5%, 552 par value preferred stock and 455,000 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 67,500 shares of common stock for cash at $5 per share. Mar. 1 Issued 1.150 shares of preferred stock for cash at $56 per share. May 1 Issued 112,500 shares of common stock for cash at 55 per share. Sept. 1 Issued 4,500 shares of common stock for cash at $5 per share. Nov. 1 Issued 2.500 shares of preferred stock for cash at $58 per share. atically indented when amount is entered Do not indent manually. If no entry Journalize the transactions. Record journal entries in the order presented in the problem. Credit accou is required, select "No Entry for the account tities and enter for the amounts.) Debit Credit Date Account Titles and Explanation AE Type there to warch TOSHIBA BACK