E13-21

Record issuance or the stock if the stock: is true no-par stock. has stated value of $2 per share. Which type of stock results in more total paid-in capital? Journalizing issuance of stock and preparing the stockholders' equity section of the balance sheet The charter for WCAP-TV, Inc. authorizes the company to issue 100,000 shares of $2, no-par preferred stock and 500,000 shares of common stock with $ 1 par value. During its start-up phase, WCAP completed the following transactions: Issued 275 shares of common stock to the promoters who organized the corporation, receiving cash of $8, 250. Issued 300 shares of preferred stock for cash of $24,000. Issued 1, 400 shares of common stock in exchange for land with a market value of $19,000. Requirements Record the transactions in the general journal. Prepare the stockholders' equity section of the WCAP-TV balance sheet at September 30, 2016, assuming WCAP-TV, Inc. had net income of $37,000 for the month. Journalizing issuance of stock and preparing the