Whitten Corporation was organized on January 1, 2012. It is authorized to issue

Question

Whitten Corporation was organized on January 1, 2012. It is authorized to issue 23,500 shares of 6%, $50 par value preferred stock and 504,500 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 83,500 shares of common stock for cash at $7 per share. Mar. 1 Issued 12,200 shares of preferred stock for cash at $58 per share. May 1 Issued 124,300 shares of common stock for cash at $6 per share. Sept. 1 Issued 5,200 shares of common stock for cash at $9 per share. Nov. 1 Issued 3,700 shares of preferred stock for cash at $55 per share.

Explanation / Answer

follow this Jan. 10 Issued 82,800 shares of common stock for cash at $7 per share. Dr Cash 579,600 Cr Paid-In Capital in Excess of Stated Value, Common Stock 496,800 Cr Common Stock 82,800 Mar. 1 Issued 12,700 shares of preferred stock for cash at $56 per share. Dr Cash 711,200 Cr Preferred Stock 635,000 Cr Paid-In Capital in Excess of Par Value, Preferred Stock 76,200 May 1 Issued 122,400 shares of common stock for cash at $5 per share. Dr Cash 612,000 Cr Paid-In Capital in Excess of Stated Value, Common Stock 489,600 Cr Common Stock 122,400 Sept. 1 Issued 6,100 shares of common stock for cash at $7 per share. Dr Cash 42,700 Cr Paid-In Capital in Excess of Stated Value, Common Stock 36,600 Cr Common Stock 6,100 Nov. 1 Issued 3,700 shares of preferred stock for cash at $59 per share. Dr Cash 218,300 Cr Preferred Stock 185,000 Cr Paid-In Capital in Excess of Par Value, Preferred Stock 33,300

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