Whispering Winds Corporation was organized on January 1, 2020. It is authorized to issue 12,500 shares of 8%, $100 par value preferred stock, and 513,000 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 Issued 78,000 shares of common stock for cash at $4 per share. Mar. 1 Issued 5,750 shares of preferred stock for cash at $110 per share. Apr. 1 Issued 23,000 shares of common stock for land. The asking price of the land was $94,000. The fair value of the land was $80,500. May 1 Issued 81,500 shares of common stock for cash at $4.25 per share. Aug. 1 Issued 10,500 shares of common stock to attorneys in payment of their bill of $42,000 for services performed in helping the company organize. Sept. 1 Issued 11,500 shares of common stock for cash at $6 per share. Nov. 1 Issued 3,000 shares of preferred stock for cash at $108 per share.

Problem 13-01A a-c Whispering Winds Corporation was organized on January 1, 2020. It is authorized to issue 12,500 shares of 8%, $100 par value preferred stock, and 513,000 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 Issued 78,000 shares of common stock for cash at $4 per share. Mar. 1 Issued 5,750 shares of preferred stock for cash at $110 per share. Apr. 1 Issued 23,000 shares of common stock for land. The asking price of the land was $94,000. The fair value of the land was $80,500. May 1 Issued 81,500 shares of common stock for cash at $4.25 per share. Aug. 1 Issued 10,500 shares of common stock to attorneys in payment of their bill of $42,000 for services performed in helping the company organize. Sept. 1 Issued 11,500 shares of common stock for cash at $6 per share. Nov. 1 Issued 3,000 shares of preferred stock for cash at $108 per share. Journalize the transactions. (Record journal entries in the order presented in the problem. Cr manually.) Date Account Titles and Explanation Debit Credit Jan. 10 A Jan. 10 9 Cash Cas 2000 Common Stock 156000 Paid-in Capital in Excess of Stated Value-Commor 156000 Mar. 1 TCash 2500 Preferred Stock 75000 Paid-in Capital in Excess of Par-Preferred Stock 57500 Apr. 1 | Land 0500 Common Stock 46000 Paid-in Capital in Excess of Stated Value-Commor 34500 May 1 Tcash Cash 346375 Common Stock 163000 Paid-in Capital in Excess of Stated Value-Commor | 183375 | Common Stock 163000 T Paid-in Capital in Excess of Stated Value-Commor i 183375 T Aug. 1 | Organization Expense T Common Stock 21000 Paid-in Capital in Excess of Stated Value-Commor 21000 Sept. 1 Cash Common Stock 23000 Paid-in Capital in Excess of Stated Value-Commor 46000 Nov. 1 Alca 4000 Preferred Stock 300000 Paid-in Capital in Excess of Par-Preferred Stock 24000 SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER LINK TO TEXT LINK TO TEXT Post to the stockholders' equity accounts. (Post entries in the order of journal entries presente Preferred Stock Common Stock DDDDD DDDDD Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock 000D DDDDD 1 DIO DIIDID LINK TO TEXT LINK TO TEXT Prepare the pala-in capital section of Stockholders equity at December 31, 2020. (Enter the accou, WHISPERING WINDS CORPORATION Balance Sheet (Partial) ..................... . December 31, 2020 x $