Ayayai Corp. was organized on January 1, 2022. It is authorized to issue 19,000 shares of 5%, $50 par value preferred stock and 450,000 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 65,000 shares of common stock for cash at $4 per share. Mar. 1 Issued 1,100 shares of preferred stock for cash at $54 per share. May 1 Issued 110,000 shares of common stock for cash at $5 per share. Sept. 1 Issued 4,000 shares of common stock for cash at $4 per share. Nov. 1 Issued 2,000 shares of preferred stock for cash at $54 per share.

1. Journalize the transactions 2. Prepare the paid-in capital portion of the stockholders equity section at December 31, 2022.