Mendoza Corporation was organized on January 1, 2014. It is authorized to issue 20,000 shares of 6%, $40 par value preferred stock, and 500,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year.
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prepare the paid in capital section of stockholders equity at december 31 2014 618673
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Issued 100,000 shares of common stock for cash at $3 per share. |
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Mar. 1 |
Issued 10,000 shares of preferred stock for cash at $55 per share. |
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Apr. 1 |
Issued 25,000 shares of common stock for land. The asking price of the land was $90,000. The company”s estimate of fair value of the land was $75,000. |
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May 1 |
Issued 75,000 shares of common stock for cash at $4 per share. |
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Aug. 1 |
Issued 10,000 shares of common stock to attorneys in payment of their bill for $50,000 for services performed in helping the company organize. |
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Sept.1 |
Issued 5,000 shares of common stock for cash at $6 per share. |
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Nov. 1 |
Issued 2,000 shares of preferred stock for cash at $60 per share. |
Instructions
(a)Journalize the transactions.
(b)Post to the stockholders’ equity accounts. (Use J1 as the posting reference.)
(c)Prepare the paid-in capital section of stockholders’ equity at December 31, 2014.
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