Sarasota Corporation was organized on January 1, 2022. It is authorized to issue 14,500 shares of 8 %, $100 par value preferred stock, and 533,000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 78,000 shares of common stock for cash at $6 per share. 1 Issued 4,750 shares of preferred stock for cash at $105 per share. Issued 24,000 shares of common stock for land. The asking price of the land was $87,000. The fair value of the land was $87,000. Issued 76,500 shares of common stock for cash at $4.25 per share. Issued 11,000 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 $5 per share. Issued 1,500 shares of preferred stock for cash at $108 per share. Mar. Apr. May Aug. Sept. Nov. 1 1 1
Sarasota Corporation was organized on January 1, 2022. It is authorized to issue 14,500 shares of 8 %, $100 par value preferred stock, and 533,000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 78,000 shares of common stock for cash at $6 per share. 1 Issued 4,750 shares of preferred stock for cash at $105 per share. Issued 24,000 shares of common stock for land. The asking price of the land was $87,000. The fair value of the land was $87,000. Issued 76,500 shares of common stock for cash at $4.25 per share. Issued 11,000 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 $5 per share. Issued 1,500 shares of preferred stock for cash at $108 per share. Mar. Apr. May Aug. Sept. Nov. 1 1 1
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Sarasota Corporation was organized on January 1, 2022. It is authorized to issue 14,500 shares of 8%, $100 par value preferred stock,
and 533,000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed
during the first year.
Jan. 10 Issued 78,000 shares of common stock for cash at $6 per share.
Issued 4,750 shares of preferred stock for cash at $105 per share.
Issued 24,000 shares of common stock for land. The asking price of the land was $87,000. The fair value of the land
was $87,000.
Mar.
Apr.
May
Aug.
1
1
1
1
Sept. 1
Nov.
1
Issued 76,500 shares of common stock for cash at $4.25 per share.
Issued 11,000 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 $5 per share.
Issued 1,500 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
Common Stock
Paid-in Capital in Excess of Par-Preferred Stock
Paid-in Capital in Excess of Stated Value-Common Stock
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.)
SARASOTA CORPORATION
Balance Sheet (Partial)
$
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