Question 12 of 12 0.32/1 View Policies Show Attempt History Current Attempt in Progress Skysong, Inc. was organized on January 1, 2022. It is authorized to issue 14,000 shares of 8%, $100 par value preferred stock, and 511,000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed during the first year. 10 Jan. Mar. Apr. 1 1 May Aug 1 1 Issued 82,000 shares of common stock for cash at $6 per share. Issued 4.850 shares of preferred stock for cash at $105 per share. Issued 25,000 shares of common stock for land. The asking price of the land was $93.000. The fair value of the land was $82.000. Issued 76,500 shares of common stock for cash at $4.50 per share. Issued 11,000 shares of common stock to attorneys in payment of their bill of $41,500 for services performed in helping the company organize. Issued 12,000 shares of common stock for cash at $7 per share. Issued 2,500 shares of preferred stock for cash at $112 per share. 1 Sept. Nov. 1 (a) Your Answer Correct Answer (Used) 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. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 10 Cash 492,000 Common Stock 246.00 Paid-in Capital in Excess of Stated Value-Common Stock 246,00 Mar. 1 Cash 509,250 Preferred Stock 485.00 Paid-in Capital in Excess of Par-Preferred Stock 24.2: Apr. 1 Land 82,000 Common Stock 75,00 Paid-in Capital in Excess of Stated Value-Common Stock 7,00 May 1 Cash 344,250 44.250 Common Stock 229,50 Paid-in Capital in Excess of Stated Value-Common Stock 114,7 Aug 1 Organization Expense 41.500 Common Stock 33.00 Paid-in Capital in Excess of Stated Value-Common Stock 8.50 Sept. 1 Cash 84,000 Common Stock 36,00 Paid-in Capital in Excess of Stated Value-Common Stock 48.00 Nov. 1 Cash 280,000 Preferred Stock 250,00 Paid-in Capital in Excess of Par-Preferred Stock 30.00 (b) Post to the stockholders' equity accounts. (Post entries in the order of journal entries presented in the previous part.) Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Common Stock Paid-in Capital in Excess of Stated Value-Common Stock e Textbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit Answer (c) The parts of this question must be completed in order. This part will be available when you complete the part above. Attempts: 3 of 3 used (b) 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 485000 Nov. 1 250000 Dec 31 Bal. 735000 Paid-in Capital in Excess of Par-Preferred Stock Mar. 1 24250 Nov. 1 30000 Dec 31 Bal. 54250 Common Stock Jan. 10 246000 Apr. 1 75000 May 1 229500 Aug. 1 33000 Sept. 1 36000 Dec. 31 Bal. 619500 Paid-in Capital in Excess of Stated Value-Common Stock V Jan. 10 246000 V Apr. 1 7000 May 1 114750 Aug 1 V 8500 Sept. 1 V 48000 Dec 31 Bal. 424250 e Textbook and Media List of Accounts Attempts: 2 of 3 used (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.) Skysong, Inc. Balance Sheet (Partial) $ $ e Textbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit
