Question

Tidwell Corporation was organized on January 1, 2014. 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 $1 per share. The following stock transactions were completed during the first year.
Jan. 10 Issued 70,000 shares of common stock for cash at $4 per share.
Mar. 1 Issued 12,000 shares of preferred stock for cash at $53 per share.
May 1 Issued 120,000 shares of common stock for cash at $6 per share.
Sept. 1 Issued 5,000 shares of common stock for cash at $5 per share.
Nov. 1 Issued 3,000 shares of preferred stock for cash at $56 per share.
Instructions
(a) Journalize the transactions.
(b) Post to the stockholders’ equity accounts. (Use T-accounts.)
(c) Prepare the paid-in capital portion of the stockholders’ equity section at December 31, 2014.



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  • CreatedApril 07, 2014
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