Question

Marigold Corp. was organized on January 1, 2022. It is authorized to issue 22,500 shares of 7% 551 par value preferred stock and 457.000 shares of nopar common stock with a stated value of $3 per share. The following stock transactions were completed during the first year Jan. 10 Issued 68,500 shares of common stock for cash at 55 per share Mar. 1 Issued 1.170 shares of preferred stock for cash at $54 per share. May 1 Issued 113.500 shares of common stock for cash at 57 per share. Sept. 1 Issued 4700 shares of common stock for cash at $8 per share. Now 1 Issued 2.700 shares of preferred stock for cash at $55 per share. Journalize the transactions. (Record journal entries in the order presented in the problem. 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 for the amounts.) Date Account Tities and Explanation Debit Credit

Answer 1

1)

Date	Account titles and explanation	Debit	Credit
Jan 10	Cash (68500*$5)	$342500
	Common stock (68500*$3)		$205500
	Paid in capital in excess of stated value- Common stock		$137000
	(To record common stock issued)
Mar 1	Cash (1170*$54)	$63180
	Preferred stock (1170*$51)		$59670
	Paid in capital in excess of par value- Preferred stock		$3510
	(To record preferred stock issued)
May 1	Cash (113500*$7)	$794500
	Common stock (113500*$3)		$340500
	Paid in capital in excess of stated value- Common stock		$454000
	(To record common stock issued)
Sep 1	Cash (4700*$8)	$37600
	Common stock (4700*$3)		$14100
	Paid in capital in excess of stated value- Common stock		$23500
	(To record common stock issued)
Nov 1	Cash (2700*$55)	$148500
	Preferred stock (2700*$51)		$137700
	Paid in capital in excess of par value- Preferred stock		$10800
	(To record preferred stock issued)

Preferred Stock
		Mar 1	$59670
		Nov 1	137700
		Dec 31 Bal.	$197370
Paid in capital in excess of par value- Preferred stock
		Mar 1	$3510
		Nov 1	10800
		Dec 31 Bal	$14310
Common Stock
		Jan 10	$205500
		May 1	340500
		Sep 1	14100
		Dec 31 Bal	$560100
Paid in capital in excess of stated value- Common stock
		Jan 10	$137000
		May 1	454000
		Sep 1	23500
		Dec 31 Bal.	$614500

MARIGOLD CORP.
Partial Balance Sheet
December 31, 2022
Stockholders' equity
Capital stock
Paid-in capital
Preferred stock	$197370
Common stock	560100
Total capital stock		$757470
Additional paid-in capital
Paid in capital in excess of par value- Preferred stock	14310
Paid in capital in excess of stated value- Common stock	614500
Total additional paid-in capital		628810
Total paid-in capital		$1386280