The following is the Paid-In Capital section of stockholders? equity for the Renzo Corporation on June 1,

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The following is the Paid-In Capital section of stockholders? equity for the Renzo Corporation on June 1, 201X:

Paid-In Capital:

Preferred Stock, $108 par, authorized 22,000 shares, 4,500 shares issued

$ 486,000

Paid-In Capital in Excess of Par Value-preferred Stock

116,000

Common Stock, $21 par, authorized 54,000 shares, 22,000 shares issued

462,000

Paid-In Capital in Excess of Par Value-Common Stock

165,000

Total Paid-In Capital

$1,229,000

The following transactions occurred in the months of June and July:

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1. Journalize the preceding entries and update the stockholders? equity ledger.

2. Prepare a new Paid-In Capital section of stockholders? equity as of July 31, 201X.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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College Accounting A Practical Approach

ISBN: 9780134729312

14th Edition

Authors: Jeffrey Slater, Mike Deschamps

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