Question
Swifty Corporation was organized on January 1,2022. It is authorized to issue 15,000 shares of 8%, $100 par value preferred stock, and 456,00 shares of
Swifty Corporation was organized on January 1,2022. It is authorized to issue 15,000 shares of 8%, $100 par value preferred stock, and 456,00 shares of no par common stock with a stated value of $2 per share. The following stock transaction were completed during the first year Jan 10 issued 79,000 shares of common stock for cash at $4 per share Mar 1 issued 5,000 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 $94,500. The fair value of the land was $87,500 May 1 Issued 77,500 shares of common stock for cash at $5.25 per share Aug 1 issued 11,000 shares of common stock to attorneys in payment for their bill of $45,000 for services performed in helping the company organize Sept 1 issued 11,000 shares of common stock for cash at $5 per share Nov 1 issued 2,000 shares of preferred stock for cash at $113 per share - Post to the stockholders equity accounts. - Prepare the paid In capital section of stockholders equity at December 31,2022 (Balance Sheet- partial)?
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