Tidal Corporation was organized on January 1, 2017. It is authorized to issue 20,000 shares of 6%, $50 par value preferred stock and 500,000 shares of nopar common stock with a stated value of $1 per share. The following stock transactions were completed during the first year.

Jan.10	Issued 70,000 shares of common stock for cash at $4 per share.
Mar.1	Issued 12,000 shares of preferred stock for cash at $53 per share.
May1	Issued 120,000 shares of common stock for cash at $6 per share.
Sept.1	Issued 5,000 shares of common stock for cash at $5 per share.
Nov.1	Issued 3,000 shares of preferred stock for cash at $56 per share.

Instructions

(a) Journalize the transactions.

(b) Post to the stockholders' equity accounts. (Use Taccounts.)

(c) Prepare the paidin capital portion of the stockholders' equity section at December 31, 2017.

(c) Tot. paidin capital

$1,829,000

Journalize transactions, post, and prepare a stockholders' equity section; calculate ratios.