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 stck 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 CONCORD CORPORATION Balance Sheet (Partial) 3 > > $ 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 stck 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 in Feb. 1 Land 127,000 Preferred Stock 100,000 Pald-in Capital in Excess of Par-Preferred Stock 27.000 Mar. 1 Cash 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 Cuishi 63.750 Common Stock 42.500 Pald-in Capital in Excess of Par Common Stock 21.250 Dec 31 Income Summary 265.000 Retained Earnings 265.000 CONCORD CORPORATION Balance Sheet (Partial) A $
