SOLVE PART B

Sheridan Company was organized on January 1, 2022. 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 Mar. 1 Apr. 1 1 May Aug. Issued 80,500 shares of common stock for cash at $4 per share. Issued 4,550 shares of preferred stock for cash at $105 per share. 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. Issued 80,000 shares of common stock for cash at $5.00 per share. 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. Issued 11,500 shares of common stock for cash at $7 per share. Issued 2,500 shares of preferred stock for cash at $114 per share. 1 1 Sept. Nov. 1 (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. 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 322000 Common Stock 161000 Paid-in Capital in Excess of Stated Value-Common Stock 161000 Mar. 1 Cash 477750 Preferred Stock 455000 Paid-in Capital in Excess of Par-Preferred Stock 22750 Apr. 1 Land 85000 Common Stock 49000 Paid-in Capital in Excess of Stated Value-Common Stock 36000 May 1 Cash 400000 Common Stock 160000 Paid-in Capital in Excess of Stated Value-Common Stock 240000 Aug. 1 Organization Expense 44500 Common Stock 20000 Paid-in Capital in Excess of Stated Value-Common Stock 24500 Sept. 1 Cash 80500 Common Stock 23000 Paid-in Capital in Excess of Stated Value-Common Stock 57500 Nov. 1 Cash 285000 Preferred Stock 250000 Paid-in Capital in Excess of Par-Preferred Stock 35000 (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 V Common Stock V Paid-in Capital in Excess of Stated Value-Common Stock