Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

i just need help with part c Larkspur, Inc. was organized on January 1, 2022. It is authorized to issue 14,000 shares of 8%, $100

i just need help with part c
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Larkspur, Inc. was organized on January 1, 2022. It is authorized to issue 14,000 shares of 8%, $100 par value preferred stock, and 505,000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed during the first year. Jan 10 Mar 1 Apr. 1 May 1 Issued 77,000 shares of common stock for cash at $6 per share. Issued 5.800 shares of preferred stock for cash at $105 per shard, Issued 25,000 shares of common stock for land. The asking price of the land was $88,000. The fair value of the land was $81,000 Issued 76,000 shares of common stock for cash at $4.25 per share. Issued 10,500 shares of common stock to attorneys in payment of their bill of $36,000 for services performed in helping the company organize. Issued 12,000 shares of common stock for cash at $5 per share. Issued 3,000 shares of preferred stock for cash at $112 per share. Aug- 1 Sept. 1 Nov. 1 Preferred Stock Mar. 1 580000 Nov. 1 + 300000 Dec. 31 Bal. 880000 Paid-in Capital in Excess of Par-Preferred Stock Mar. 1 29000 Nov. 1 4 36000 10 Dec. 31 Bal. 65000 Common Stock Jan. 10 231000 Apr. 1 75000 May 1 228000 Common Stock Jan 10 Apr 1 75000 May 1 221000 Aus 1500 Sept. 1000 Dec 31 001500 Pald-in Capital in Excess of Stated Value-Common Stock n. 10 231000 Art . 000 May 1 25000 Aug 1 . 4500 Septi 2000 Dec 31st SODO Your answer is partially correct. Prepare the paid-in capital section of stockholders' equity at December 31, 2022. (Enter the account name only and do not provide the descriptive information provided in the question.) Larkspur, Inc. Balance Sheet (Partial) December 31, 2022 $ DO! $ OMEWORK Question 12 of 12 0.69/1 III Larkspur, Inc. Balance Sheet (Partial) December 31, 2022 . IO! . e Textbook and Media MacBook Air

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Principle And Practice

Authors: Satyabrata Tripathy

1st Edition

9332519382, 9789332519381

More Books

Students also viewed these Accounting questions

Question

Identify the elements that make up the employee reward package.

Answered: 1 week ago

Question

Understand the purpose, value and drawbacks of the interview.

Answered: 1 week ago