OURCES olving Problem 11-1A Tamarisk, Inc. was organized on January 1, 2019. It is authorized to issue 11,000 shares of $100 par value preferred stock, and 498,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year: How Jan. 10 Issued 75,500 shares of common stock for cash at $4 per share Mar. 1 Issued 5,550 shares of preferred stock for cash at $105 per share Apr, 1 Issued 24,500 shares of common stock for land. The asking price of the land was $85,500. The fair value of the land was $85,500 May 1 Issued 75,500 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 $40,000 for services performed in helping the company organize Sept. 1 Issued 11,000 shares of common stock for cash at $7 per share. Nov. 1 Issued 2,500 shares of preferred stock for cash at $108 per share. Study Date Debit Credit Account Titles and Explanation Cash Jan. 10 302000 Common Stock 151000 Paid-in Capital in Excess of stated Value-Comn 151000 Mar. 1 Cash 582750 Preferred Stock 555000 Paid-in Capital in Excess of Par-Common Stock 27750 Apr. 1 Land 85500 Common Stock 49000 Paid-in Capital in Excess of Stated Value-Com 36500 May 1 Cash 358625 Common Stock 151000 207625 Paid-in Capital in Excess of Stated Value.Com Organization Expense Aug. 1 40000 COMO DUCK Paid-in Capital in Excess of stated Value-Comn 36500 May 1 v Cash 358625 Common Stock 151000 Paid-in Capital in Excess of Stated Value-Comn 207625 Aug. 1 y Organization Expense 40000 Common Stock 23000 Paid-in Capital in Excess of stated Value-Comn 17000 Sept. 1 Organization Expense 77000 Common Stock 22000 55000 Paid-in Capital in Excess of Stated Value-Comn Nov. 1 y Cash 270000 Preferred Stock 250000 Paid-in Capital in Excess of Par-Preferred stoel 20000 SHOW SOLUTION Preferred Stock Mar. Nov.1 250000 Dec.31 Bal. Paid-in Capital in Excess of Par Value-Preferred Stock Mar. 1 Common Stock