ent CALCULATOR Problem 11-1A (Part Level Submission) Cullumber Company was organized on January 1, 2019. It is authorized to issue 10,000 shares of 8%, $100 par value preferred sto with a stated value of $2 per share. The following stock transactions were completed during the first year: Jan. 10 Issued 75,000 shares of common stock for cash at $4 per share. Mar. 1 Issued 4,000 shares of preferred stock for cash at $105 per share. Apr. 1 Issued 22,000 shares of common stock for land. The asking price of the land was $85,000. The fair value of the land was $ May 1 Issued 75,000 shares of common stock for cash at $4.25 per share. Aug. 1 Issued 10,000 shares of common stock to attorneys in payment of their bill of $35,000 for services performed in helping t Sept. 1 Issued 10,000 shares of common stock for cash at $5 per share Nov. 1 Issued 1,000 shares of preferred stock for cash at $108 per share. Your answer is correct Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are autom Do not indent manually. If no entry is required, select "No Entry for the account titles and enter 0 for the amounts.,) Date Account Titles and Explanation Debit Credit an.10Cash 300000 Common Stock 150000 Paid-in Capital in Excess of Stated value-Common Jan. 10 [Cash Common Stock 150000 Paid-in Capital in Excess of Stated Value-Common 150000 Mar. 1 v Cash 420000 Preferred Stock 400000 Paid-in Capital in Excess of Par-Preferred Stock 20000 Apr. 1 Land 80000 Common Stock 44000 Paid-in Capital in Excess of Stated Value-Common May 1 [[Cash 318750 Common Stock 150000 Paid-in Capital in Excess of Stated Value-Commor 168750 Aug. 1 ||Organization Expense Common Stock 5UU0U Paid-in Capital in Excess of Stated Value-Common 168750 Aug. I Organization Expense 35000 Common Stock 20000 Paid-in Capital in Excess of Stated Value-Common 15000 Sept. 1 | |Cash 50000 Common Stock 20000 Paid-in Capital in Excess of Stated Value-Common 30000 Nov. 1 11 ash 108000 Preferred Stock 100000 Paid-in Capital in Excess of Par-Preferred Stock 8000 Preterred Stock Mar. 1Y 400000 Nov.1 100000 Dec.31 Bal. v 500000 Paid-in Capital in Excess of Par Value-Preferred Stock Mar. 1 20000 Nov.1 8000 Dec.31 Bal. v 28000 Common Stock Jan. 10 150000 44000 Apr. 1 May 1 150000 May 1 150000 Aug. 1 20000 Sept. 1 20000 384000 Paid-in Capital in Excess of Stated Value-Common Stock T 150000 Dec.31 Bal. Jan. 10 Apr. 1 May 1 Aug. 1 Sept. 1 36000 168750 15000 30000 Dec.31 Ba 299750 Cullumber Company Balance Sheet (Partial)
