Problem 13-01A a-c

Flint Corporation was organized on January 1, 2020. It is authorized to issue14,000shares of 8%, $100par value preferred stock, and514,000shares of no-par common stock with a stated value of $2per share. The following stock transactions were completed during the first year.

Jan.10Issued78,000shares of common stock for cash at $4per share.Mar.1Issued5,300shares of preferred stock for cash at $110per share.Apr.1Issued23,500shares of common stock for land. The asking price of the land was $86,000. The fair value of the land was $88,000.May1Issued83,000shares of common stock for cash at $4.75per share.Aug.1Issued11,500shares of common stock to attorneys in payment of their bill of $43,000for services performed in helping the company organize.

Sept.1Issued11,000shares of common stock for cash at $5per share.Nov.1Issued1,000shares of preferred stock for cash at $111per share.

Post to the stockholders' equity accounts.

Prepare the paid-in capital section of stockholders' equity at December 31, 2020.