P12-1A Hayslett Corporation was organized on January 1, 2008. It is authorized t

Question

P12-1A

Hayslett Corporation was organized on January 1, 2008. It is authorized to issue 20,000 shares of 6%, $50 par value preferred stock, and 500,000 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 100,000 shares of common stock for cash at $3 per share.
Mar. 1 Issued 10,000 shares of preferred stock for cash at $55 per share.
Apr. 1 Issued 25,000 shares of common stock for land. The asking price of the land was $90,000.The fair market value of the land was $85,000.
May 1 Issued 75,000 shares of common stock for cash at $4 per share.
Aug. 1 Issued 10,000 shares of common stock to attorneys in payment of their bill of $50,000 for services provided in helping the company organize.
Sept. 1 Issued 5,000 shares of common stock for cash at $6 per share.
Nov. 1 Issued 2,000 shares of preferred stock for cash at $58 per share.





Journalize the transactions. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2. If amounts




Date Account / Description Debit Credit
Jan. 10
$


$


$

Mar. 1
$


$


$

Apr.1
$


$


$

May 1
$


$


$

Aug. 1
$


$


$

Sept. 1
$


$


$

Nov. 1
$


$


$







Post to the stockholders' equity accounts. (Use J1 as the posting reference.) (If answer is zero, please enter 0. Do not leave any fields blank.)
Preferred Stock
Date Explanation Ref. Debit Credit Balance
Mar. 1 J1



Nov. 1 J1



Common Stock
Date Explanation Ref. Debit Credit Balance
Jan. 10 J1



Apr. 1 J1



May 1 J1



Aug. 1 J1



Sept. 1 J1



Paid-in Capital in Excess of Par Value - Preferred Stock
Date Explanation Ref. Debit Credit Balance
Mar. 1 J1



Nov. 1 J1



Paid-in Capital in Excess of Stated Value - Common Stock
Date Explanation Ref. Debit Credit Balance
Jan. 10 J1



Apr. 1 J1



May 1 J1



Aug. 1 J1



Sept. 1 J1









Complete the paid-in capital section of stockholders' equity at December 31, 2008. (List entries by the format used in the text.)
HAYSLETT CORPORATION
Stockholders' equity
Paid-in capital


,

$ par value,

shares authorized,

shares issued and outstanding
$

,

$ stated value,

shares authorized,

shares issued and outstanding


Total capital stock




$




Total additional paid-in capital

Total paid-in capital $

Explanation / Answer

Jan10 Cash(100,000 *$3) 300,000 debit Common Stock (100,000*$2) 200,000 credit PaidinCapinExcofStatedValue100,000 credit Mar1 Cash(10,000*$55) 550,000debit Pref Stock(10,000*$50) 500,000credit PaidinCapExcofPar-pref 50,000credit Apr1 Land 85,000 debit Common Stock(25,000*$2) 50,000 credit PaidinCapinExcofStatedVal 35,000 credit May1 Cash(75,000*$4) 300,000debit Common Stock(75,000*2) 150,000credit PaidinCapinexcofStatVal 150,000credit Aug1 Organizing Expence-Attorney 50,000debit Common Stock(10,000*2) 20,000 credit PaidinCapinExcofStatedVal 30,000 credit Sep1 Cash(5000*6) 30,000debit Common Stock(5000*2) 10,000credit PaidinCapExcofStatedValue 20,000credit Nov1 Cash(2000*58) 116,000debit Pref Stock 100,000credit Paid in CapinExcofPar - Pref 16,000credit StockHolders Equity 1. Pref Stock authorized 20,000sh of 6%, $50 par, 600,000 issued and outstanding 12,000 2. Common Stock author 500,000 no-par with stated value of $2/sh 430,000 issued and outstanding 215,000sh 3.Paid in Cap Exc of Stated Value - 335,000 common 4. Paid in Cap Exc of Par -Pref 66,000 Stockholder's Equity 1,431,000

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