Question

Flint Corporation was organized on January 1, 2022. It is authorized to issue 23,300 shares of 6%. $50 par value preferred stock and 469,000 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 74,500 shares of common stock for cash at $6 per share. Mar. 1 Issued 1.290 shares of preferred stock for cash at $56 per share. May 1 Issued 119.500 shares of common stock for cash at $8 per share. Sept. 1 Issued 5,900 shares of common stock for cash at $4 per share. Nov. 1 Issued 3,900 shares of preferred stock for cash at $58 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 Titles and Explanation Debit Credit e Textbook and Media List of Accounts

Answer 1

Journal entries, T-accounts and Partial Balance Sheet is as prepared below:

Date	Particulars	L.F	Amount ($)	Amount ($)
Jan-10	Cash (74,500*6)		447,000
	Common Stock (74,500*2)			149,000
	Paid in capital in excess of stated value-common stock (74,500*4)			298,000
	(For 74,500 shares issued at $6)
Mar-01	Cash (1,290*56)		72,240
	Preferred Stock (1,290*50)			64,500
	Paid in capital in excess of par value-preferred stock (1,290*6)			7,740
	(For 1,290 shares issued at $56)
May-01	Cash (119,500*8)		956,000
	Common Stock (119,500*2)			239,000
	Paid in capital in excess of stated value-common stock (119,500*6)			717,000
	(For 119,500 shares issued at $6)
Sep-01	Cash (5,900*4)		23,600
	Common Stock (5,900*2)			11,800
	Paid-in capital in excess of stated value-common stock (5,900*2)			11,800
	(For 5,900 shares issued at $4)
Nov-01	Cash (3,900*58)		226,200
	Preferred Stock (3,900*50)			195,000
	Paid-in capital in excess of par value-preferred stock (3,900*8)			31,200
	(For 3,900 shares issued at $58)

Common stock acount
Particulars	Amount	Particulars	Amount
		Jan-10	149,000
		May-01	239,000
		Sep-01	11,800
		closing	399,800
Preferred Stock account
	Amount	Particulars	Amount
		Mar-01	64,500
		Nov-01	195,000
		closing	259,500
Paid-in capital in excess of stated value-common stock
Particulars	Amount	Particulars	Amount
		Jan-10	298,000
		May-01	717,000
		Sep-01	11,800
		closing	1,026,800
Paid-in capital in excess of par value-preferred stock
Particulars	Amount	Particulars	Amount
		Mar-01	7,740
		Nov-01	31,200
		closing	38,940

Flint Corporation
Partial Balance Sheet
December 31, 2022
Paid in capital
Common Stock $2 par 469,000 shares authorized
199,900 shares issued and outstanding	399,800
Preferred Stock $50 par 23,300 shares authorized
5,190 shares issued and outstanding	259,500	659,300
Additional paid-in capital
Paid-in capital in excess of stated value-common stock	1,026,800
Paid-in capital in excess of par value-preferred stock	38,940
Total paid-in capital		1,065,740
Total stockholders equity		1,725,040