Novak Corporation was organized on January 1, 2020. It is authorized to issue 13,000 shares of 8%, $100 par value preferred stock, and 526,000 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 Issued 84,500 shares of common stock for cash at $6 per share. Mar. 1 Issued 5,150 shares of preferred stock for cash at $105 per share. Apr. 1 Issued 24,000 shares of common stock for land. The asking price of the land was $91,000. The fair value of the land was $80,500. May 1 Issued 83,500 shares of common stock for cash at $4.75 per share. Aug. 1 Issued 11,000 shares of common stock to attorneys in payment of their bill of $38,500 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 2,000 shares of preferred stock for cash at $109 per share. Date Account Titles and Explanation Debit Credit Jan. 10 - Cash 507000 Common Stock T 253500 Paid-in Capital in Excess of Stated Value-Common T T 253500 Mar. 1 Cash 540750 | Preferred Stock T 515000 Paid-in Capital in Excess of Par-Preferred Stock Ill. T 25750 Apr. 1 | Land 80500 Common Stock T 72000 Paid-in Capital in Excess of Stated Value-Common T T 8500 May 1 Cash 396625T Common Stock IT 250500 Paid-in Capital in Excess of Stated Value-Common T 146125 Aug. 1 Torganization Expense 38500 | Common Stock T 33000 Paid-in Capital in Excess of Stated Value-Common T IT 5500 Sept. 1 T Cash 84000T Common Stock T 36000 I Paid-in Capital in Excess of Stated Value-Common T 48000 Nov. 1 Cash 000|| PL Preferred Stock 200000 Paid-in Capital in Excess of Par-Preferred Stock T 18000 Post to the stockholders' equity accounts. (Post entries in the order of journal entries presented in the previous part.) Preferred Stock Mar. 515000 F x Nov. 1 200000 x Bal. 715000 Common Stock Jan. 10 253500 Apr. 1 72000 May 1 250500 Aug. 17 33000 Sept. 1 36000 645000 Paid-in Capital in Excess of Par-Preferred Stock 100 DIIIII DIO DIIIII Mar. 1 25750 Nov. 18000 Bal. 43750 Paid-in Capital in Excess of Stated Value-Common Stock Jan. 253500 Apr. 8500 May 1 146125 Aug. 1 XX 5500 Sept. 1 48000 Bal. 461625 SHOW LIST OF ACCOUNTS SHOW ANSWER LINK TO TEXT LINK TO TEXT Your answer is correct. Prepare the paid-in capital section of stockholders' equity at December 31, 2020. (Enter the account name only and do no NOVAK CORPORATION Balance Sheet (Partial) December 31, 2020 T Paid-in Capital Capital Stock | Preferred Stock 715000 | Common Stock 1 645000 T Total Capital Stock 1360000 Additional Paid-in Capital T Paid-in Capital in Excess of Par-Preferred Stock 43750 T Paid-in Capital in Excess of Stated Value-Common 461625 T Total Additional Paid-in Capital I 505375 T Total Paid-in Capital 1865375
