Post to the stockholders' equity accounts. (Post entries in the order of journal entries presented in the previous part.) Preferred Stock > > V V A < < Common Stock Paid-in Capital in Excess of Par-Preferred Stock ✓ Paid-in Capital in Excess of Stated Value-Common Stock ✓ < > V く
Post to the stockholders' equity accounts. (Post entries in the order of journal entries presented in the previous part.) Preferred Stock > > V V A < < Common Stock Paid-in Capital in Excess of Par-Preferred Stock ✓ Paid-in Capital in Excess of Stated Value-Common Stock ✓ < > V く
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Whispering Winds Corporation was organized on January 1, 2027. It is authorized to issue 12,500 shares of 8%, $100 par value preferred stock , and 513,000 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 78,000 shares of common stock for cash at $4 per share.Mar.Apr..1May1Aug1Sept.1Issued 5,750 shares of preferred stock for cash at $110 per share.Issued 23,000 shares of common stock for land. The asking price of the land was $94,000. The fair value of the land was $80,500.Issued 81,500 shares of common stock for cash at $4.25 per share.Issued 10,500 shares of common stock to attorneys in payment of their bill of $42,000 for services performed in helping the company organize.Issued 11,500 shares of common stock for cash at $6 per share.Nov. 1 Issued 3,000 shares of preferred stock for cash at $108 per share.
Transcribed Image Text:Post to the stockholders' equity accounts. (Post entries in the order of journal entries presented in the previous part.)
Preferred Stock
>
>
V
V
A
<
<
Common Stock
Paid-in Capital in Excess of Par-Preferred Stock
✓
Paid-in Capital in Excess of Stated Value-Common Stock
✓
<
>
V
く
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