Question

Coronado Corporation was organized on January 1, 2020. It is authorized to issue 9,600 shares of 8%, $100 par value preferred stock, and 501,500 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 80,050 shares of common stock for cash at $6 per share.
Mar. 1		Issued 5,930 shares of preferred stock for cash at $113 per share.
Apr. 1		Issued 24,680 shares of common stock for land. The asking price of the land was $90,820; the fair value of the land was $80,050.
May 1		Issued 80,050 shares of common stock for cash at $8 per share.
Aug. 1		Issued 9,600 shares of common stock to attorneys in payment of their bill of $50,400 for services rendered in helping the company organize.
Sept. 1		Issued 9,600 shares of common stock for cash at $10 per share.
Nov. 1		Issued 1,100 shares of preferred stock for cash at $115 per share.

Prepare the journal entries to record the above transactions. (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 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
choose a transaction date                                                          Jan. 10Mar. 1Apr. 1May 1Aug. 1Sept. 1Nov. 1	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date                                                          Jan. 10Mar. 1Apr. 1May 1Aug. 1Sept. 1Nov. 1	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date                                                          Jan. 10Mar. 1Apr. 1May 1Aug. 1Sept. 1Nov. 1	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date                                                          Jan. 10Mar. 1Apr. 1May 1Aug. 1Sept. 1Nov. 1	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date                                                          Jan. 10Mar. 1Apr. 1May 1Aug. 1Sept. 1Nov. 1	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date                                                          Jan. 10Mar. 1Apr. 1May 1Aug. 1Sept. 1Nov. 1	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date                                                          Jan. 10Mar. 1Apr. 1May 1Aug. 1Sept. 1Nov. 1	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount

Answer 1

Answer-

Date	Accounting title and explanation	Debit	Credit
Jan 10.	Cash (80,050 shares * $ 6 market price/share)	480,300
	Common Stock (80,050 shares * $1 stated value/share)		80,050
	APIC—Common Stock ($480,300-$80,050)		400,250
March 1	Cash (5,930 shares * $113 market/share)	670,090
	Preferred Stock (5,930 shares X $100 par value/share)		593,000
	APIC—Preferred Stock ($670,090-593,000)		77,090
April 1	Land (at fair value)	80,050
	Common Stock (24,680 shares * $1 stated value/share)		24,680
	APIC-Common Stock ($80,050-$24,680)		55,370
May 1	Cash (80,050 shares * $8 market price/share)	640,400
	Common Stock (80,050 shares * $1 stated value/share)		80,050
	APIC—Common Stock ($640,400-$80,050)		560,350
Aug 1	Organizational Expense	50,400
	Common Stock (9,600 shares * $1 stated value/share)		9,600
	APIC—Common Stock ($50,400-$9,600)		40,800
Sept. 1	Cash (9,600 shares * $10 market price/share)	96,000
	Common Stock (9,600 shares X $1 stated value/share)		9,600
	APIC - Common stock ($96,000-$9,600)		86,400
Nov. 1	Cash (1,100 shares * $115 market price/share)	126,500
	Preferred Stock (1,100 shares * $100 par value/share)		110,000
	APIC—Preferred Stock ($126,500-$110,000)		16,500

Note-APIC- Additional Paid in Capital

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