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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.)

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.)

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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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)
Transcribed Image Text: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)
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. 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. May 1 Issued 83,500 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 $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. Jan. 10 Mar. 1 Apr. 1 Sept. 1 Nov. 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. 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. May 1 Issued 83,500 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 $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. Jan. 10 Mar. 1 Apr. 1 Sept. 1 Nov. 1
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