Paid-in Capital in Excess of Par-Preferred Stock Bal 74500 Feb. 1 31000 Mar 1 19500 Dec 31 132700 Sept. 1 7700 132700 Bal 132700 Pald-in Capital in Excess of Par-Common Stock Bal 670000 July 1 34000 Dec 31 724000 Dec 1 20000 724000 Bal 724000 Retained Earnings SED Preferred Stock Bal 575000 Feb. 1 95000 Mar 1 65000 Dec. 31 752500 Sept. 1 17500 752500 Bal 752500 Common Stock Bal 347500 July 1 85000 Dec 31 472500 Dec. 1 40000 472500 472500 Paid-in Capital in Excess of Par-Preferred Stock Swifty Corporation is authorized to issue 24,000 shares of $50 par value, 10% preferred stock and 130,000 shares of $5 par value common stock. On January 1, 2022, the ledger contained the following stockholders' equity balances, $575,000 74,500 Preferred Stock (11,500 shares) Paid-in Capital in Excess of Par-Preferred Stock Common Stock (69,500 shares) Paid-in Capital in Excess of Par-Common Stock Retained Earnings 347,500 670,000 350.000 During 2022, the following transactions occurred. Feb 1 Mar. 1 July 1 Sept. 1 Issued 1,900 shares of preferred stock for land having a fair value of $126,000. Issued 1,300 shares of preferred stock for cash at $65 per share. Issued 17,000 shares of common stock for cash at $7 per share. Issued 350 shares of preferred stock for a patent. The asking price of the patent was $29.500. Market price for the preferred stock was $72 and the fair value for the patent was indeterminable. Issued 8,000 shares of common stock for cash at $7.50 per share. Net income for the year was $263,000. No dividends were declared, Dec. 1 Dec. 31 the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not Indent manually) Date Account Titles and explanation Debit Credit Feb. 1 Land 126,000 Preferred Stock 95.000 Paid in Capitalices of Par Preferred Stock 31.000 Mar. 1 Cash 04.00 Preferred Stock 65,000 Paid in Capital in tince of Par Preferred Stock 19.500 July 1 Cash 119,000 Common Stock 05.000 Paldin Capital in Excess of Par Common Stock 34000 Sept 1 Patents 25200 Common Stock 85.000 Paid-in Capital in Excess of Par Common Stock 34000 Sept. 1 Patents 25.200 Preferred Stock 17,500 Pald-in Capital in Excess of Par-Preferred Stock 7,700 Dec 1 Cash 60,000 Common Stock 40,000 Paid-in Capitalin Excess of Par-Common Stock 20.000 Dec 31 Income Summary 263,000 Retained Earnings 263,000 Paid-in Capital in Excess of Par-Preferred Stock Bal 74500 Feb. 1 31000 Mar 1 19500 Dec 31 132700 Sept. 1 7700 132700 Bal 132700 Pald-in Capital in Excess of Par-Common Stock Bal 670000 July 1 34000 Dec 31 724000 Dec 1 20000 724000 Bal 724000 Retained Earnings SED Preferred Stock Bal 575000 Feb. 1 95000 Mar 1 65000 Dec. 31 752500 Sept. 1 17500 752500 Bal 752500 Common Stock Bal 347500 July 1 85000 Dec 31 472500 Dec. 1 40000 472500 472500 Paid-in Capital in Excess of Par-Preferred Stock Swifty Corporation is authorized to issue 24,000 shares of $50 par value, 10% preferred stock and 130,000 shares of $5 par value common stock. On January 1, 2022, the ledger contained the following stockholders' equity balances, $575,000 74,500 Preferred Stock (11,500 shares) Paid-in Capital in Excess of Par-Preferred Stock Common Stock (69,500 shares) Paid-in Capital in Excess of Par-Common Stock Retained Earnings 347,500 670,000 350.000 During 2022, the following transactions occurred. Feb 1 Mar. 1 July 1 Sept. 1 Issued 1,900 shares of preferred stock for land having a fair value of $126,000. Issued 1,300 shares of preferred stock for cash at $65 per share. Issued 17,000 shares of common stock for cash at $7 per share. Issued 350 shares of preferred stock for a patent. The asking price of the patent was $29.500. Market price for the preferred stock was $72 and the fair value for the patent was indeterminable. Issued 8,000 shares of common stock for cash at $7.50 per share. Net income for the year was $263,000. No dividends were declared, Dec. 1 Dec. 31 the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not Indent manually) Date Account Titles and explanation Debit Credit Feb. 1 Land 126,000 Preferred Stock 95.000 Paid in Capitalices of Par Preferred Stock 31.000 Mar. 1 Cash 04.00 Preferred Stock 65,000 Paid in Capital in tince of Par Preferred Stock 19.500 July 1 Cash 119,000 Common Stock 05.000 Paldin Capital in Excess of Par Common Stock 34000 Sept 1 Patents 25200 Common Stock 85.000 Paid-in Capital in Excess of Par Common Stock 34000 Sept. 1 Patents 25.200 Preferred Stock 17,500 Pald-in Capital in Excess of Par-Preferred Stock 7,700 Dec 1 Cash 60,000 Common Stock 40,000 Paid-in Capitalin Excess of Par-Common Stock 20.000 Dec 31 Income Summary 263,000 Retained Earnings 263,000
