The following is the Paid-In Capital section of stockholders? equity for the Renzo Corporation on June 1, 201X:

Paid-In Capital:

Preferred Stock, $108 par, authorized 22,000 shares, 4,500 shares issued	$ 486,000
Paid-In Capital in Excess of Par Value-preferred Stock	116,000
Common Stock, $21 par, authorized 54,000 shares, 22,000 shares issued	462,000
Paid-In Capital in Excess of Par Value-Common Stock	165,000
Total Paid-In Capital	$1,229,000

The following transactions occurred in the months of June and July:

1. Journalize the preceding entries and update the stockholders? equity ledger.

2. Prepare a new Paid-In Capital section of stockholders? equity as of July 31, 201X.

Transcribed Image Text:

201X 1 Issued 3,300 shares of preferred stock at $112 per share. 2 Isued 7,000 shares of common stock at $38 per share. June 15 Issued 8,400 shares of common stock at $38 per share. 2 Isued 5,100 shares of preferred stock at $112 per share. 18 Issued 1,700 shares of common stock in exchange for building and land with fair market value of $62,000 and $53,000, respectively. July