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this is one question Monty Corporation was organized on January 1,2022 . It is authorized to issue 14,000 shares of 8%,$100 par value preferred stock,
this is one question
Monty Corporation was organized on January 1,2022 . It is authorized to issue 14,000 shares of 8%,$100 par value preferred stock, and 550,000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 80,500 shares of common stock for cash at $6 per share. Mar. 1 Issued 4,400 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 $86,000. The fair value of the land was $87,500. May 1 Issued 85,000 shares of common stock for cash at $4.25 per share. Aug. 1 Issued 10,000 shares of common stock to attorneys in payment of their bill of $45,000 for services performed in helping the company organize. Sept. 1 Issued 10,000 shares of common stock for cash at $6 per share. Nov. 1 Issued 1,500 shares of preferred stock for cash at $115 per share. Post to the stockholders' equity accounts. (Post entries in the order of journal entries presented in the previous part.) rald-In capital in xcess or rar-preterrea stock \begin{tabular}{||l|} \hline \hline 30000 \\ \hline \hline \end{tabular} Paid-in Capital in Excess of Par-Preferred Stock \begin{tabular}{|l|} \hline Mar. 1 \\ \hline \end{tabular} \begin{tabular}{||l|} \hline 2200 \\ \hline \hline \end{tabular} \begin{tabular}{||} \hline \hline \\ \hline \hline \\ \hline \hline \end{tabular} Paid-in Capital in Excess of Stated Value-Common Stock Jan. 10 \begin{tabular}{|l|} \hline 241500 \\ \hline \hline \end{tabular} \begin{tabular}{||l|} \hline \\ \hline \end{tabular} Paid-in Capital in Excess of Stated Value-Common Stock \begin{tabular}{|} \hline 241500 \\ \hline \hline \end{tabular} \begin{tabular}{||c|} \hline 14000 \\ \hline \hline \end{tabular} \begin{tabular}{||c|} \hline \hline \end{tabular} 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.) Balance Sheet (Partial) December 31, 2022 Total Liabilities and Stockholders' Eauitv Stockholders' Eauitv Share Capital-Preference $590000 Common Stock 630000 Total Capital Stock $ 1220000 Total Stockholders' Eauitv Paid-in Capital in Excess of Par-Preferred Stock 44500 Paid-in Capital in Excess of Par-Common Stock \begin{tabular}{||} \hline 400750 \\ \hline \end{tabular} \begin{tabular}{|l|} \hline \hline Share Capital-Preference \\ \hline \hline \end{tabular} $590000 Total Capital Stock 630000 $1220000 Total Stockholders' Eauitv Paid-in Capital in Excess of Par-Preferred Stock 44500 \begin{tabular}{l} \hline Paid-in Capital in Excess of Par-Common Stock \\ \hline Cabital Stock \\ \hline \hline Total Stockholders' Eauitv \\ \hline \hline \end{tabular} \begin{tabular}{|} \hline 400750 \\ \hline \end{tabular} \begin{tabular}{|} \hline 451250 \\ \hline 1671250 \\ \hline \end{tabular}Step by Step Solution
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