Chapter 12 - Exercises eBook Show Me How Calculator 1. EX. 12-03.ALGO Entries for Issuing Par Stock On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 60,000 shares of $18 par common stock at $61, and on February 27, it issued for cash 100,000 shares of preferred stock $5 par at $7. 2. EX. 12-05. ALGO 3. EX. 12-09.ALGO a. Journalize the entries for January 22 and February 27. 4. EX.12-11.ALGO 5. EX. 12-18.ALGO 6. EX.12-19. ALGO If an amount box does not require an entry, leave it blank. Jan. 22 Cash Common Stock Paid-In Capital in Excess of Par-Common Stock Feb. 27 Cash Preferred Stock Paid-In Capital in Excess of Par-Preferred Stock Feedback Check My Work Recall that a separate account is used for recording the amount of each class of stock issued to investors in a corporation. Recall the definition of legal capital and what affect that has on recording the sale of stock. Learning Objective 2. b. What is the total amount invested (total paid-in capital) by all stockholders as of February 27? Feedback Check My Work Paid-in capital refers to how much has been paid into the corporation by stockholders in order to be owners. Learning Objective 2. Feedback Check My Work Partially correct Chapter 12 - Exercises eBook Show Me How Calculator 1. EX. 12-03.ALGO Issuing Stock for Assets Other Than Cash 2. EX. 12-05 ALGO On November 23, Elder Lift Corporation, a wholesaler of hydraulic lifts, acquired land in exchange for 31,000 shares of $8 par common stock with a current market price of $14. 3. EX. 12-09. ALGO Journalize the entry to record the transaction. 4. EX.12-11. ALGO 5. EX. 12-18.ALGO If an amount box does not require an entry, leave it blank. Nov. 23 Land Common Stock Paid-In Capital in Excess of Par-Common Stock 6. EX. 12-19.ALGO Feedback Check My Work Recall if the fair value of an asset that is being acquired by issuing stock cannot be determined, the fair market price of the stock issued is used as the value for recording. Learning Objective 2