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Please complete part c, the balance sheet. Larkspur, Inc. was organized on January 1, 2022. It is authorized to issue 14,000 shares of 8%,$100 par
Please complete part c, the balance sheet.
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 Issued 77,000 shares of common stock for cash at $6 per share. Mar. 1 Issued 5,800 shares of preferred stock for cash at $105 per share. Apr. 1 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. May 1 Issued 76,000 shares of common stock for cash at $4.25 per share. Aug. 1 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. Sept. 1 Issued 12,000 shares of common stock for cash at $5 per share. Nov. 1 Issued 3,000 shares of preferred stock for cash at $112 per share. Date Account Titles and Explanation Jan. 10 Mar. 1 Apr. 1 May 1 Aug. 1 Sept. 1 Cash Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Organization Expense Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Cash Nov. 1 Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Debit Credit 29000 81000 22800095000 36000 (c) 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) $ $ $ eTextbook and Media List of Accounts Save for Later Attempts: 0 of 3 used SubmitStep by Step Solution
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