Question 1 Culver Corporation was organized on January 1, 2020. It is authorized to issue 12,500 shares of 8%, $100 par value preferred stock, and 477,000 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 80,500 shares of common stock for cash at $4 per share. Mar. 1 Issued 4,550 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 $92,500. The fair value of the land was $85,000. May 1 Issued 80,000 shares of common stock for cash at $5.00 per share. Aug. 1 Issued 10,000 shares of common stock to attorneys in payment of their bill of $44,500 for services performed in helping the company organize. Sept. 1 Issued 11,500 shares of common stock for cash at $7 per share. Nov. 1 Issued 2,500 shares of preferred stock for cash at $114 per share. 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.) Date Debit Credit Account Titles and Explanation TCash Jan. 10 T Common Stock 161000 161000 Paid-in Capital in Excess of Stated Value-Common cash Mar. 1 Preferred Stock 455000 Paid-in Capital in Excess of Par-Preferred Stock 22750 Apr. 1 Land 85000 Common Stock 49000 36000 Paid-in Capital in Excess of Stated Value-Commor "may 1 2626262626262626262626262626262626262 40 Cash T Common Stock 0000 160000 T Paid-in Capital in Excess of Stated Value-Commor 240000 Aug. 1 Organization Expense 44500 Common Stock 20000 Paid-in Capital in Excess of Stated Value-Com 24500 Sept. 1 Cash Common Stock 23000 Paid-in Capital in Excess of Stated Value-Common 57500 Nov. 1 Cash Preferred Stock 5000 Paid-in Capital in Excess of Par-Preferred Stock 280000 Post to the stockholders' equity accounts. (Post entries in the order of journal entries presented in the previous part.) Preferred Stock Mar. 17 T 455000 Nov. 1 5000 Bal. 460000 Common Stock Jan. 10 161000 Apr. 1 49000 May 1 160000 Aug. 1 20000 23000 Bal. 1 000 000 000 000 0000)) 413000 Paid-in Capital in Excess of Par-Preferred Stock Mar. 1 22750 Nov. 1 280000 302750 Paid-in Capital in Excess of Stated Value-Common Stock Jan. 10 161000 Apr. 1 36000 | May 1 240000 Aug. 1 24500 Sept. 1 57500 519000 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.) CULVER CORPORATION Balance Sheet (Partial) December 31, 2020 TStockholders' Equity Capital Stock T Preferred Stock T 460000 Common Stock 413000 * Total Capital Stock 873000 Additional Paid-in Capital Paid-in Capital in Excess of Stated Value-Common 519000 T Paid-in Capital in Excess of Par-Preferred Stock 302750 T Total Additional Paid-in Capital 821750 1 Total Paid-in Capital 1694750
