Tidal Corporation was organized on January 1, 2025. It is authorized to issue 20,000 shares of (6
Question:
Tidal Corporation was organized on January 1, 2025. 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, 2025.
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a Jan 10 Cash 70000 4 Common Stock 70000 1 Paidin Capital in Excess of Stated ValueCommon Stock 7000...View the full answer
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