Unit 7 Assignment Question 10

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Pronghorn Corporation was organized on January 1, 2022. It is authorized to issue 11,000 shares of 8%. $ 100 par value preferred stock and 498.000 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 May 1 Issued 75,500 shares of common stock for cash at $4 per share. Issued 5,550 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 $ 85,500. The fair value of the land was S 85.500 Issued 75.500 shares of common stock for cash at $ 475 per share. Issued 11.500 shares of common stock to attorneys in payment of their bill of $ 40,000 for services performed in helping the company organize Issued 11,000 shares of common stock for cash at $7 per share. Issued 2.500 shares of preferred stock for cash at $ 108 per share Aug 1 Sept 1 Nov 1 Journalize the transaction (List il debit entries before credit entries. Recordjoumal entries in the order presented in the problem Credit account title ore automatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit Post to the stockholders' equity accounts. (Post entries in the order of jumel entries presented in the previous part.) Preferred Stock Common Stock > e Textbook and Media List of Accounts Prepare the pald-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.) PRONGHORN CORPORATION Balance Sheet (Partial) > $ $ eTextbook and Media List of Accounts Save for Later Attempts: 0 of 5 used Submit