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Your answer is partially correct. Post to the stockholders' equity accounts. (Post entries in the order of journal entries presented in the previous part.) Jan. 10 Y Mar. 1 V Jan. 10 Apr. 1 GEG May 1 Aur. 1 Sept. 1 Bal. V Preferred Stock Mar. 1 ||| Nov. 1 Bal. Common Stock 505,000 Paid-in Capital in Excess of Par-Preferred Stock 150,000 10 Concord Corporation was organized on January 1, 2022. It is authorized to issue 14,000 shares of 8%, $100 par value preferred stock, and 538,000 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. May Aug. Sept. Issued 75,000 shares of common stock for cash at $4 per share. Issued 5,050 shares of preferred stock for cash at $110 per share. Issued 24,000 shares of common stock for land. The asking price of the land was $92,000. The fair value of the land was $87.500. Issued 83,500 shares of common stock for cash at $4.50 per share. Issued 10,000 shares of common stock to attorneys in payment of their bill of $38,000 for services performed in helping the company organize. Issued 11,000 shares of common stock for cash at $7 per share. 1 Issued 2,000 shares of preferred stock for cash at $109 per share. Nov. 1 1

Your answer is partially correct. Post to the stockholders' equity accounts. (Post entries in the order of journal entries presented in the previous part.) Jan. 10 Y Mar. 1 V Jan. 10 Apr. 1 GEG May 1 Aur. 1 Sept. 1 Bal. V Preferred Stock Mar. 1 ||| Nov. 1 Bal. Common Stock 505,000 Paid-in Capital in Excess of Par-Preferred Stock 150,000 10 Concord Corporation was organized on January 1, 2022. It is authorized to issue 14,000 shares of 8%, $100 par value preferred stock, and 538,000 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. May Aug. Sept. Issued 75,000 shares of common stock for cash at $4 per share. Issued 5,050 shares of preferred stock for cash at $110 per share. Issued 24,000 shares of common stock for land. The asking price of the land was $92,000. The fair value of the land was $87.500. Issued 83,500 shares of common stock for cash at $4.50 per share. Issued 10,000 shares of common stock to attorneys in payment of their bill of $38,000 for services performed in helping the company organize. Issued 11,000 shares of common stock for cash at $7 per share. 1 Issued 2,000 shares of preferred stock for cash at $109 per share. Nov. 1 1

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Your answer is partially correct. Post to the stockholders' equity accounts. (Post entries in the order of journal entries presented in the previous part.) Jan. 10 Y Mar. 1 V Jan. 10 Apr. 1 GEG May 1 Aur. 1 Sept. 1 Bal. V Preferred Stock Mar. 1 ||| Nov. 1 Bal. Common Stock 505,000 Paid-in Capital in Excess of Par-Preferred Stock 150,000 10
Transcribed Image Text:Your answer is partially correct. Post to the stockholders' equity accounts. (Post entries in the order of journal entries presented in the previous part.) Jan. 10 Y Mar. 1 V Jan. 10 Apr. 1 GEG May 1 Aur. 1 Sept. 1 Bal. V Preferred Stock Mar. 1 ||| Nov. 1 Bal. Common Stock 505,000 Paid-in Capital in Excess of Par-Preferred Stock 150,000 10
Concord Corporation was organized on January 1, 2022. It is authorized to issue 14,000 shares of 8%, $100 par value preferred stock, and 538,000 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. May Aug. Sept. Issued 75,000 shares of common stock for cash at $4 per share. Issued 5,050 shares of preferred stock for cash at $110 per share. Issued 24,000 shares of common stock for land. The asking price of the land was $92,000. The fair value of the land was $87.500. Issued 83,500 shares of common stock for cash at $4.50 per share. Issued 10,000 shares of common stock to attorneys in payment of their bill of $38,000 for services performed in helping the company organize. Issued 11,000 shares of common stock for cash at $7 per share. 1 Issued 2,000 shares of preferred stock for cash at $109 per share. Nov. 1 1
Transcribed Image Text:Concord Corporation was organized on January 1, 2022. It is authorized to issue 14,000 shares of 8%, $100 par value preferred stock, and 538,000 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. May Aug. Sept. Issued 75,000 shares of common stock for cash at $4 per share. Issued 5,050 shares of preferred stock for cash at $110 per share. Issued 24,000 shares of common stock for land. The asking price of the land was $92,000. The fair value of the land was $87.500. Issued 83,500 shares of common stock for cash at $4.50 per share. Issued 10,000 shares of common stock to attorneys in payment of their bill of $38,000 for services performed in helping the company organize. Issued 11,000 shares of common stock for cash at $7 per share. 1 Issued 2,000 shares of preferred stock for cash at $109 per share. Nov. 1 1
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