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Instructions a. Journalize the transactions. b. Post to the stockholders’ equity accounts. (Use T-accounts.) c. Prepare the paid-in capital section of stockholders' equity at December 31, 2022. c. Total paid-in capital $1,479,000

Instructions a. Journalize the transactions. b. Post to the stockholders’ equity accounts. (Use T-accounts.) c. Prepare the paid-in capital section of stockholders' equity at December 31, 2022. c. Total paid-in capital $1,479,000

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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Please answer all the subparts a,b,c asap.thank you

Journalize stock transactions, post, and prepare paid-in capital section. P11.1A (LO 2, 4), AP DeLong Corporation was organized on January 1, 2022. It is authorized to issue 10,00o shares of 8%, $100 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. Jan. 10 Issued 80,00o shares of common stock for cash at $4 per share. Mar. 1 Issued 5,000 shares of preferred stock for cash at $105 per share. Apr. 1 Issued 24,000 shares of common stock for land. The asking price of the land was $90,000. The fair value of the land was $85,000. Мay 1 Issued 80,00o shares of common stock for cash at $4.50 per share. Aug. 1 Issued 10,000 shares of common stock to attorneys in payment of their bill of $30,000 for services performed in helping the company organize. Sept. 1 Issued 10,00o shares of common stock for cash at $5 per share. Nov. 1 Issued 1,000 shares of preferred stock for cash at $109 per share. Instructions a. Journalize the transactions. b. Post to the stockholders' equity accounts. (Use T-accounts.) c. Prepare the paid-in capital section of stockholders' equity at December 31, 2022. c. Total paid-in capital $1,479,000
Transcribed Image Text:Journalize stock transactions, post, and prepare paid-in capital section. P11.1A (LO 2, 4), AP DeLong Corporation was organized on January 1, 2022. It is authorized to issue 10,00o shares of 8%, $100 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. Jan. 10 Issued 80,00o shares of common stock for cash at $4 per share. Mar. 1 Issued 5,000 shares of preferred stock for cash at $105 per share. Apr. 1 Issued 24,000 shares of common stock for land. The asking price of the land was $90,000. The fair value of the land was $85,000. Мay 1 Issued 80,00o shares of common stock for cash at $4.50 per share. Aug. 1 Issued 10,000 shares of common stock to attorneys in payment of their bill of $30,000 for services performed in helping the company organize. Sept. 1 Issued 10,00o shares of common stock for cash at $5 per share. Nov. 1 Issued 1,000 shares of preferred stock for cash at $109 per share. Instructions a. Journalize the transactions. b. Post to the stockholders' equity accounts. (Use T-accounts.) c. Prepare the paid-in capital section of stockholders' equity at December 31, 2022. c. Total paid-in capital $1,479,000
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