Problem 11-1A t is authonzed to issue 21,000 shares of 7% $53 par velue prefe ed
ID: 2575109 • Letter: P
Question
Problem 11-1A t is authonzed to issue 21,000 shares of 7% $53 par velue prefe ed stock and 454,000 shares of no par common stock th stated value of S2 per share. The olong stock transactions were completed dunng the first Cheyenne Corp. was organized on January 1, 2017 year an 10 Issued 67,000 shares of common stock for cash at $4 per share. Mar. Issued 1,140 shares of preforred stock for cash at s56 per share. May 1 Issued 112,000 shares of common stock for cash at $7 per share. Sept Issued 4,400 shares of common stock for cash at sB per share Now. 1 Issued 2,400 shares of preferred stock for cash at S56 per share. d 112,000 ha ournalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Credit SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT SEMELAR PROBLEMExplanation / Answer
Journal Entries Date Account Title and explanation Debit Credit Jan, 10 Cash $ 2,68,000 To Equity Share Capital $ 1,34,000 To Paid in Capital Excess of stated value - Common Stock $ 1,34,000 (Being Equity Share Capital issued at premium) Cash $ 63,840 Mar , 01 To Preferred Stock Capital $ 60,420 To Paid in Capital Excess of stated value - Common Stock $ 3,420 (Being Preferred Stock Capital issued at premium) May , 01 Cash $ 7,84,000 To Equity Share Capital $ 2,24,000 To Paid in Capital Excess of stated value - Common Stock $ 5,60,000 (Being Equity Share Capital issued at premium) Sept , 01 Cash $ 35,200 To Equity Share Capital $ 8,800 To Paid in Capital Excess of stated value - Common Stock $ 26,400 (Being Equity Share Capital issued at premium) Cash $ 1,34,400 Nov , 01 To Preferred Stock Capital $ 1,27,200 To Paid in Capital Excess of stated value - Common Stock $ 7,200 (Being Preferred Stock Capital issued at premium) PREFERRED STOCK Date Partculars Amount Date Partculars Amount Mar, 01 To Cash $ 60,420 Nov, 01 To Cash $ 1,27,200 Dec , 31 By Balance C/f $ 1,87,620 $ 1,87,620 187620 PAID IN CAPITAL EXCESS OF PAR VALUE - PREFERRED STOCK Date Partculars Amount Date Partculars Amount Mar, 01 To Cash $ 3,420 Nov, 01 To Cash $ 7,200 Dec , 31 By Balance C/f $ 10,620 $ 10,620 $ 10,620 COMMON STOCK Date Partculars Amount Date Partculars Amount Jan , 10 To Cash $ 1,34,000 May , 01 To Cash $ 2,24,000 Dec, 31 By Balance C/f $ 3,66,800 Sept, 01 To Cash $ 8,800 $ 3,66,800 $ 3,66,800 PAID IN CAPITAL EXCESS OF STATED VALUE - COMMON STOCK Date Partculars Amount Date Partculars Amount Jan , 10 To Cash $ 1,34,000 May , 01 To Cash $ 5,60,000 Sept, 01 To Cash $ 26,400 Dec, 31 By Balance C/f $ 7,20,400 $ 7,20,400 720400 SHAREHOLDER'S EQUITY SECTION Authorized Capital Common Stock 454,000 Shares @ 2 per Shares $ 9,08,000 Preferred Stock 21,000 Shares of $ 53 each $ 11,13,000 Issued Capital Common Stock $ 3,66,800 (183,400 shares of $ 3 per shares) Preferred Stock $ 1,87,620 (3540 Shares of $ 53 per shares) PAID IN CAPITAL EXCESS OF PAR VALUE - PREFERRED STOCK $ 10,620 PAID IN CAPITAL EXCESS OF STATED VALUE - COMMON STOCK $ 7,20,400 Total $ 33,06,440