Concord Corporation was organized on January 1, 2022 It is authorized to issue 15,000 shares of 8 , $ 100 par value preferred stock, and 504,000 shares of no par common stock with a stated value of $ 2 per share The following stock transactions were completed during the first year Jan 10 Issued 85,000 shares of common stock for cash at $ 4 per share Mar 1 Issued 5,150 shares of preferred stock for cash at $ 110 per share Apr 1 Issued 22,000 shares of common stock for land The asking price of the land was $ 90,000 The fair value of the land was $ 84,000 May 1 Issued 78,000 shares of common stock for cash at $ 5 25 per share Aug 1 Issued 11,000 shares of common stock to attorneys in payment of their bill of $ 43,000 for services performed in helping the company organize Sept 1 Issued 12,000 shares of common stock for cash at $ 7 per share Nov 1 Issued 1,000 shares of preferred stock for cash at $ 113 per share Account Titles and Explanation Debit Date Jan 10 Cash 340000 Common Stock Paid in Capital in Excess of Stated Value Common Stock Mar 1 Cash 566500 Preferred Stock Paid In Capital in Excess of Par Preferred Stock Apr 1 Land 84000 Common Stock Paid in Capital in Excess of Stated Value Common Stock May 1 Cash 409500 Common Stock Paid in Capital in Excess of Stated Value Common Stock Aug 1 Organization Expense 43000 Common Stock Paid in Capital in Excess of Stated Value Common Stock Sept 1 Cash 84000 Common Stock Paid in Capital in Excess of Stated Value Common Stock Nov 1 Cash 113000 Preferred Stock Pald in Capital in Excess of Par Preferred Stock Post to the stockholders' equity accounts (Post entries in the order of journal entries presented in the previous part ) Preferred Stock Paid in Capital in Excess of Par Preferred Stock Common Stock Paid in Capital in Excess of Stated Value Common Stock

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 12, 2024

Concord Corporation was organized on January 1, 2022. It is authorized to issue 15,000 shares of 8%, $ 100 par value preferred stock, and 504,000

Concord Corporation was organized on January 1, 2022. It is authorized to issue 15,000 shares of 8%, $100 par value preferred stock, and 504,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year.

Jan.	10	Issued 85,000 shares of common stock for cash at $4 per share.
Mar.	1	Issued 5,150 shares of preferred stock for cash at $110 per share.
Apr.	1	Issued 22,000 shares of common stock for land. The asking price of the land was $90,000. The fair value of the land was $84,000.
May	1	Issued 78,000 shares of common stock for cash at $5.25 per share.
Aug.	1	Issued 11,000 shares of common stock to attorneys in payment of their bill of $43,000 for services performed in helping the company organize.
Sept.	1	Issued 12,000 shares of common stock for cash at $7 per share.
Nov.	1	Issued 1,000 shares of preferred stock for cash at $113 per share.

Account Titles and Explanation Debit Date Jan. 10 Cash 340000 Common Stock Paid-in Capital in Excess of Stated Value Common Stock Mar. 1 Cash 566500 Preferred Stock Paid In Capital in Excess of Par Preferred Stock Apr. 1 Land 84000 Common Stock Paid-in Capital in Excess of Stated Value-Common Stock May 1 Cash 409500 Common Stock Paid in Capital in Excess of Stated Value-Common Stock Aug. 1 Organization Expense 43000 Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Sept. 1 Cash 84000 Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Nov. 1 Cash 113000 Preferred Stock Pald-in Capital in Excess of Par-Preferred Stock Post to the stockholders' equity accounts.(Post entries in the order of journal entries presented in the previous part.) Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Common Stock Paid-in Capital in Excess of Stated Value-Common Stock