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. 1 1 1 Sept. 1 Nov. 1 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. Issued 2,000 shares of preferred stock for cash at $109 per share.
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. 1 1 1 Sept. 1 Nov. 1 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. Issued 2,000 shares of preferred stock for cash at $109 per share.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 5MC: Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par...
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![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.
Арг.
May
Aug.
1
1
Sept. 1
Nov.
1
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.
Issued 2,000 shares of preferred stock for cash at $109 per share.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5de20a83-4ad8-4820-bfe3-379d0fc71782%2Fb207be10-6c7d-4e8f-926a-e18ddd48958d%2F5j5ksd_processed.jpeg&w=3840&q=75)
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.
Арг.
May
Aug.
1
1
Sept. 1
Nov.
1
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.
Issued 2,000 shares of preferred stock for cash at $109 per share.
![(2)
Prepare the paid-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.)
CONCORD CORPORATION
Balance Sheet (Partial)
$
$](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5de20a83-4ad8-4820-bfe3-379d0fc71782%2Fb207be10-6c7d-4e8f-926a-e18ddd48958d%2F05uoe8i_processed.jpeg&w=3840&q=75)
Transcribed Image Text:(2)
Prepare the paid-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.)
CONCORD CORPORATION
Balance Sheet (Partial)
$
$
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