Corporations: Organization and Capital Stock Transactions

DeLong Corporation was organized on January 1, 2020. It is authorized to issue 10,000 shares of 8%, $100 per 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.

Jan. 10Issued 80,000 shares of common stock for cash at $4 per share
Mar. 1Issued 5,000 shares of preferred stock for cash at $105 per share
Apr. 1Issued 24,000 shares of common stock for land. The asking price of the land was $90,000. The fair value for the land was $85,000.
May 1Issued 80,000 shares of common stock for cash at $4.50 per share
Aug. 1Issued 10,000 shares of common stock to attorneys in payment of their bill or $30,000 for services performed in helping the company organize.
Sept. 1Issued 10,000 shares of common stock for cash at $5 per share
Nov. 1Issued 1,000 shares of preferred stock for cash at $109 per share

Instruction

  1. Journalize the transactions
  2. Post to the stockholders'equity accounts.
  3. Prepare the paid-in capital section of stockholders'equity at December 31, 2020.

Fechter Corporation had the following stockholders equity accounts on Janauary 1, 2019: Common Stock ($5 par) $50,000, Paid-in Capital in Exces of Par-Cmmon Stock $200,000, and Retained Earnings $100,000. In 2019, the company had the following treasry stock transactions

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The stockholders equity accunts of Castle Corporation on January 1, 2019, were as follows

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Peck Corporation is authorized to issue 20,000 shares of $50 par value, 10% preferred-stock and 125,000 shares of $5 par value common stock. On January 1, 2019, the ledger contained the following stockholders equity balances

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The following stockholders equity accounts arranged alphabetically are in the ledger of Galindo Corporation at December 31, 2019.

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Irwin Corporation has been authorized to isue 20,000 shares of $100 par value, 10% preferred stock and 1,000,000 shares of no-par common stock. The corporation assigned a $2,50 stated value to the common stock. At December 31, 2019, the ledger contained the following balances pertaining to stockholders equity.

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Andrea has prepared the following list of statements about corporations

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During its first year of operations, Foyle Corporation had the following transactions pertaining to its common stock.

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Osage Corporation issued 2,000 shares of stock.

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Quay Co. had the following transactions during the current period.

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