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please help and thank you so much Sheffield Corp. was organized on January 1, 2022. It is authorized to issue 14,500 shares of 8%,$100 par
please help and thank you so much
Sheffield Corp. was organized on January 1, 2022. It is authorized to issue 14,500 shares of 8%,$100 par value preferred stock, and 475,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 84,500 shares of common stock for cash at $4 per share. Mar. 1 Issued 4,050 shares of preferred stock for cash at $110 per share. Apr. 1 Issued 24,000 shares of common stock for land. The asking price of the land was $88,500. The fair value of the land was $83,500. May 1 Issued 83,000 shares of common stock for cash at $5.25 per share. Aug. 1 Issued 12,000 shares of common stock to attorneys in payment of their bill of $40,500 for services performed in helping the company organize. Sept. 1 Issued 11.500 shares of common stock for cash at $5 per share. Nov. 1 Issued 2,500 shares of preferred stock for cash at $111 per share. Journalize the transactions. (Record joumal entrles in the order presented in the problem. Credit account titles are outomatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the occount titles and enter O for the amounts.) Paid-in Capital in Excess of Stated Value-Common Stock 35.500 Cash 435,750 Common Stock Paid-in Capital in Excess of Stated Value-Common Stock. Paid-in Capital in Excess of Stated Value-Common Stock Sept. 1 v Cash 57,500 24,000 Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Nov.1 Cash 277,500 Preferred Stock Paid-in Capital in Excess of PariPreferred Stock: part) Common Stock Sept. 1 Paid-in Capital in Excess of Stated Value-Common Stock Step by Step Solution
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