Solution-Prepare the paid-in capital section of

Prepare the paid-in capital section of stockholders equity

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Reference no: EM132587541

Question - Flint Corporation was organized on January 1, 2020. It is authorized to issue 14,000 shares of 8%, $100 par value preferred stock, and 514,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year.

Jan.10 Issued 78,000 shares of common stock for cash at $4 per share.

Mar.1 Issued 5,300 shares of preferred stock for cash at $110 per share.

Apr.1 Issued 23,500 shares of common stock for land. The asking price of the land was $86,000. The fair value of the land was $88,000.

May1 Issued 83,000 shares of common stock for cash at $4.75 per share.

Aug.1 Issued 11,500 shares of common stock to attorneys in payment of their bill of $43,000 for services performed in helping the company organize.

Sept.1 Issued 11,000 shares of common stock for cash at $5 per share.Nov.1Issued 1,000 shares of preferred stock for cash at $111 per share.

Required -

1. Post to the stockholders' equity accounts.

2. Prepare the paid-in capital section of stockholders' equity at December 31, 2020.

Reference no: EM132587541

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Prepare the paid-in capital section of stockholders equity

Reference no: EM132587541

Reference no: EM132587541

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