Problem 13-01A a-c (Part Level Submission) issue 14,000 shares of 8% int Corporation was organized on January par value preferred stock, and 514,000 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 78,000 shares of common stock for cash at $4 per share Mar. 1 Issued 5,300 shares of preferred stock for cash at $110 per share Apr 1 Issued 23,500 shares of common stock for land. The asking price of the land was $86,000. The far value of the land was $88,000. 1 Issued 83,000 shares of common stock for cash at $4.75 per share. May 1 Issued 11.500 shares of common stock to attorneys in payment of their bill of $43,000 for services performed in helping the company organize Aug. 1 Issued 11,000 shares of common stock for cash at $5 per share. Sept. (a) Your answer is correct. Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Date Debit Credit Jan. 10 Cash 312000 Common Stock 156000 Paid-in Capital in Excess of Stated Value-Commo 156000 Mar, 1 Cash 583000 Preferred Stock 530000 Paid-in Capital in Excess of Par-Preferred Stock 53000 Apr 1 | |Land 88000 Common Stock 47000 Paid-in Capital in Excess of Stated Value-Commo 41000 Cash May 1 394250 Common Stock 166000 Paid-in Capital in Excess of Stated Value-Commo 228250 Aug. 1 ||Org anization Expense 43000 Common Stock 23000 Paid-in Capital in Excess of Stated Value-Commo 20000 Sept. 1 |Cash Common Stock 22000 Paid-in Capital in Excess of Stated Value-Common 33000 Nov. 1 |Cash 111000 Preferred Stock 100000 Paid-in Capital in Excess of Par-Preferred Stock 11000 Your answer is correct Post to the stockholders' equity accounts. (Post entries in the order of journal entries presented in the previous part.) Preferred Stock Mar 1 Y 530000 Nov. 1 Y 100000 Bal. Y 630000 Common Stock Jan. 10 156000 Apr. 1 Y 47000 May 1 Y 166000 Aug. 1 23000 Sept. 1 22000 Bal. 414000 Paid-in Capital in Excess of Par-Preferred Stock Mar. 1 53000 Nov. 1 11000 Bal. 64000 Paid-in Capital in Excess of Stated Value-Common Stock 156000 Jan. 10 Apr. 1 v 41000 May 1 228250 Aug. 1 20000 33000 Bal. 478250 Prepare the paid-in capital section of stockholders' equity at December 31, 2020. (Enter the account name only and do not provide the descriptive information provided in the question.) FLINT CORPORATION Balance Sheet (Partial) December 31, 2020 Stockholders Equity Paid-in Capital Common Stock Total Capital Stock Paid-in Capital Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Par-Common Stock Paid-in Capital Total Capital Stock List of Accounts Problem 13-01A a-c (Part Level Submission) Accounts Receivable Cash Common Stock Equipment Income Summary Inventory Land Organization Expense Paid-in Capital from Treasury Stock Paid-in Capital in Excess of Par-Common Stock. Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Patents Preferred Stock Retained Earnings Share Capital-Ordinary Share Capital-Preference Share Premium-Ordinary Share Premium-Preference Treasury