Mary corporation is authorized to issue 20000 shares of 50

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Mary Corporation is authorized to issue 20,000 shares of $50 par value, 10% preferred stock and 125,000 shares of $3 par value common stock. On January 1, 2012, the ledger contained the following stockholders' equity balances. Preferred stock (10,000 shares) $500,00, Paid-in Capital in Excess of Par- Preferred stock $75,000, Common stock (70,000 shares) $210,000, Paid-in Capital in Excess of Par- Common stock $700,000, Retained Earnings $300,000. During 2012, the following transactions occured. feb1. issued 2,000 shares of preferred stock for land haveing a fair value of $125,000. mar1. issued 1000 shares of preferred stock for cash at $65 per share. jul1. issued 16000 shares of common stock for cash at $7 per share. sept1. issued 400 shares of preferred stock for a patent. The asking price of the patent was $30,000. Market values were preferred stock $70 and patent indeterminable. dec1. issued 8,000 shares of common stock for cash at $7.50 per share. dec31. net income for the year was $260,000. No dividends were declared. a. journalize the transactions and the closing entry for net income. b. enter the beginning balances in the accounts, and post the journal entries to the stockholders' equity accounts. c. prepare the stockholders' equity section at december 31, 2012

Reference no: EM13482050

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