Concord Corporation is authorized to issue 23,500 shares of $50 par value, 10% preferred stock and 130,000 shares of $5 par valuecommon stock. On January 1, 2022, the ledger contained the following stockholders equity balances.Preferred Stock (10,500 shares)$525,000Paid-in Capital in Excess of Par--Preferred Stock68 500Common Stock (63,500 shares)317 500Paid-in Capital in Excess of Par- Common Stock750.000Retained Earnings330,000During 2022, the following transactions occurred.FebMar.JulySept.111DecDed.1 31Issued 2,000 shares of preferred stock for land having a fair value of 5127 000.Issued 1,300 shares of preferred stock for cash at $65 per share.Issued 17,000 shares of common stock for cash at $7 per shareIssued 550 shares of preferred stock for a patent. The asking price of the patent was $28,000. Market price for thepreferred stock was $70 and the fair value for the patent was indeterminable.issued 8,500 shares of common stock for cash at $7,50 per share.Net income for the year was $265,000. No dividends were declared.I got this question wrong the green mean it’s correct red means wrong Options date:Feb 1March 1July 1Sept 1Dec 1Dec 31 Enter the beginning balances in the accounts, and post the journal entries to the stockholders' equity accounts. (Post entries in theorder of journal entries presented in the previous part.)July 1Feb. 1Mar. 1Dec. 1Bal.Feb. 1Julv 1Dec. 1Bal.Feb. 1July 1VDec. 1BalFeb. 1VVVVDec. 31Y✔10Preferred Stock10000065000275008500004250019500Common Stock11000July 134000Feb. 121250Mar. 1Sept. 1265000Bal.Feb. 1July 1Dec. 1Bal.Paid-in Capital in Excess of Par-Preferred StockFeb. 1Mar. 1Sept. 1Bal.July 1VBalRetained EarningsVVFeb. 1VDec 31SPaid-in Capital in Excess of Par-Common StockVVFeb. 1 VVVVDec 1 V✔1V5250006250006900007175003175004025004450006850095500115000126000750000784000805250330000595000 SolutionFeb. 1Mar. 1July 1Sept. 1Dec. 1Preferred Stock(2,000 × $50)Paid-in Capital in Excess of Par-Preferred Stock = ($127,000 $100,000)CashPreferred StockPaid-in Capital in Excess of Par-Preferred StockCashCommon StockPatentPreferred StockPaid-in Capital in Excess of Par-Preferred StockCash=Common StockPaid-in Capital in Excess of Par-Common Stock==Paid-in Capital in Excess of Par-Common Stock B==#==EE(1.300 x $65)(1.300 × $50)(1,300 x $15)(17,000 $7)(17,000 x $5)(17,000 × $2)(550 × $70)(550 × $50)(550 × $20)(8,500 × $7.50)(8,500 × $5)(8,500 × $2.50)B====E==$100,000$27,000$84,500$65,000$19,500$38,500$27,500= $11,000$119,000$85,000$34,000Assistance Used$63,750$42,500$21,250

Working 01-Feb Preferred Stock 50*2000 $ 1,00,000 Paid in Value in Excess 127000-100000…

Answered: red Stock (10,500 shares) $525,000…

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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Concord Corporation is authorized to issue 23,500 shares of $50 par value, 10% preferred stock and 130,000 shares of $5 par value common stock. On January 1, 2022, the ledger contained the following stockholders equity balances. Preferred Stock (10,500 shares) $525,000 Paid-in Capital in Excess of Par--Preferred Stock 68 500 Common Stock (63,500 shares) 317 500 Paid-in Capital in Excess of Par- Common Stock 750.000 Retained Earnings 330,000 During 2022, the following transactions occurred. Feb Mar. July Sept. 1 1 1 Dec Ded. 1 31 Issued 2,000 shares of preferred stock for land having a fair value of 5127 000. Issued 1,300 shares of preferred stock for cash at $65 per share. Issued 17,000 shares of common stock for cash at $7 per share Issued 550 shares of preferred stock for a patent. The asking price of the patent was $28,000. Market price for the preferred stock was $70 and the fair value for the patent was indeterminable. issued 8,500 shares of common stock for cash at $7,50 per share. Net income for the year was $265,000. No dividends were declared. I got this question wrong the green mean it’s correct red means wrong Options date: Feb 1 March 1 July 1 Sept 1 Dec 1 Dec 31