Kinkaid Co. is. incorporated at the beginning of this year and engages in a number of transactions. The following journal entries impacted its stockholders’ equity during its first year of operations.

Required 1. Explain the transaction(s) underlying each journal entry

(a) through (d).
2. How many shares of common stock are outstanding at year-end?
3. What is the amount of minimum legal capital (based on par value) at year-end? »
4. What is the total paid-in capital at year-end?
5. What is the book value per share of the common stock at year-end if total paid-in capital plus retained earnings equals $695,000?

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a. Cash 300,000 Common Stock, $25 Par Value 250,000 Paid-In Capital in Excess of Par Value, Common Stock... 50,000 b. Organization Expenses 150,000 Common Stock, $25 Par Value 125,000 Paid-In Capital in Excess of Par Value, Common Stock. 25,000 3 Cash 43,000 Accounts Receivable. 15,000 Building 81,500 Notes Payable 59,500 Common Stock, $25 Par Value 50,000 Paid-In Capital in Excess of Par Value, Common Stock. 30,000