Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Concord Corporation is authorized to issue 23.500 shares of $50 par value, 10% preferred stock and 130,000 shares of $5 par value common stock. On

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Concord Corporation is authorized to issue 23.500 shares of $50 par value, 10% preferred stock and 130,000 shares of $5 par value common stock. On January 1, 2022, the ledger contained the following stockholders' equity balances. $525,000 68,500 Preferred Stock (10,500 shares) Paid-in Capital in Excess of Par-Preferred Stock Common Stock (63,500 shares) Paid-in Capital in Excess of Par-Common Stock Retained Earnings 317,500 750,000 330,000 During 2022, the following transactions occurred. Feb. 1 Mar. 1 July 1 Sept. 1 Issued 2,000 shares of preferred stock for land having a fair value of $127,000. Issued 1,300 shares of preferred stock for cash at $65 per share. Issued 17,000 shares of common stock for cash at $7 per share. Issued 550 shares of preferred stock for a patent. The asking price of the patent was $28,000, Market price for the preferred stock was $70 and the fair value for the patent was indeterminable. Issued 8,500 shares of common stock for cash at $7.50 per share. Net income for the year was $265.000. No dividends were declared. Dec 1 Dec. 31 Question 7 of 7 5/15 IH Feb. 1 Land 127,000 Preferred Stock 100,000 Pald-in Capital in Excess of Par-Preferred Stock 27,000 Mar. 1 v Cashi 84,500 Preferred Stock 65,000 Paid-in Capital in Excess of Par-Preferred Stock 19,500 July 1 Cash 119,000 Common Stock 85.000 Pald-in Capital in Excess of Par Common Stock 34,000 Sept. 1 Patents 38.500 Preferred Stock 27.500 Pald-in Capital in Excess of Par-Preferred Stock 11.000 Dec 1 Cisti 63.750 Common Stock 42.500 Pald-In Capital in Excess of Par Common Stock 21.250 Dec 31 Income Summary 245.000 Retained Earnings 265.000 Enter the beginning balances in the accounts, and post the journal entries to the stockholders' equity accounts. (Post entries in the order of journal entries presented in the previous part) Preferred Stock Common Stock 1 V Paid-in Capital in Excess of Par-Preferred Stock C >

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Finance The Basics

Authors: Erik Banks

1st Edition

0415384575, 9780415384575

More Books

Students also viewed these Accounting questions

Question

=+1. How can the process of movie utilization be described?

Answered: 1 week ago