Flint Corporation was organized on January 1, 2020 It is authorized to issue 14,000 shares of 8 , $100 par value preferred stock, and 514,000 shares of no par common stock with a stated value of $2 per share The following stock transactions were completed during the first year Post to the stockholders equity accounts Prepare the paid in capital section of stockholders capital Jan 10 Issued 78,000 shares of common stock for cash at $4 per share Mar 1 Issued 5,300 shares of preferred stock for cash at $110 per share Apr 1 Issued 23,500 shares of common stock for land The asking price of the land was $86,000 The fair value of the land was $88,000 May 1 Issued 83,000 shares of common stock for cash at $4 75 per share Aug 1 Issued 11,500 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 11,000 shares of common stock for cash at $5 per share Nov 1 Issued 1,000 shares of preferred stock for cash at $111 per share DELONG CORPORATION Balance Sheet (Partial) Preferred Stock Date Explanation Ref Debit Credit Balance 15 J5 Common Stock Date Explanation Ref Debit Credit Balance in in 15 J5 J5 Paid in Capital in Excess of Par Preferred Stock Date Explanation Ref 35 Debit Credit Balance J5 Paid in Capital in Excess of Stated Value Common Stock Date Explanation Ref Debit Credit Balance 15 15 15 35 05

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Posted on Jul 11, 2024

Flint Corporation was organized on January 1, 2020. It is authorized to issue 14,000 shares of 8%, $100 par value preferred stock, and 514,000 shares

Flint Corporation was organized on January 1, 2020. It is authorized to issue 14,000 shares of 8%, $100 par value preferred stock, and 514,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year.

Post to the stockholders equity accounts.

Prepare the paid in capital section of stockholders capital.

Jan.	10	Issued 78,000 shares of common stock for cash at $4 per share.
Mar.	1	Issued 5,300 shares of preferred stock for cash at $110 per share.
Apr.	1	Issued 23,500 shares of common stock for land. The asking price of the land was $86,000. The fair value of the land was $88,000.
May	1	Issued 83,000 shares of common stock for cash at $4.75 per share.
Aug.	1	Issued 11,500 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 11,000 shares of common stock for cash at $5 per share.
Nov.	1	Issued 1,000 shares of preferred stock for cash at $111 per share.

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DELONG CORPORATION Balance Sheet (Partial) Preferred Stock Date Explanation Ref. Debit Credit Balance 15 J5 Common Stock Date Explanation Ref. Debit Credit Balance in in 15 J5 J5 Paid-in Capital in Excess of Par-Preferred Stock Date Explanation Ref. 35 Debit Credit Balance J5 Paid-in Capital in Excess of Stated Value-Common Stock Date Explanation Ref. Debit Credit Balance 15 15 15 35 05