Corporate Entrywork Homes Name: ENTRY VORK - CORPORATIONS - COMPLEX CAPITAL STRUCTURE Baxter Corporation received its corporate charter on January 1, 2020. The charter included authorization to issue 20,000shs of 6% $10 par value preferred stock, and 500,000shs of $2 par value common stock. The following stock related transactions occurred during 2020. 10-Jan Issued 100,000sh of common stock for cash at $3 per share. 1-Mar Issued 10,000sh of preferred stock for cash at $25 per share. 1-Apr Issued 25,000sh of common stock for land with a FMV of $75,000. 1-May Issued 55,000sh of common stock for cash at $4 per share. 1-Aug Issued 10,000sh of common stock to attorneys in payment of their bill for $50,000 for services provided in organizing the corporation. 1-Nov Issued 2,000sh of preferred stock for cash at $18 per share. 31-Dec Closed Income Summary into Retained Earnings. Net income for the year was $860,000. Journal and post the transactions. Prepare a stockholders equity section. GENERAL JOURNAL Accounts Date 1/10 Debitis) Credits 371 171 5/1 8/1 11/1 12/31 GENERAL LEDGER CASH Debit PREFERRED STOCK, $z. $10 Par Explanation Debit Credit Balance Dato Explanation Credit Balance Date LAND Debit AID IM CAPITAL IM EXCESS OF PAR - PREFERRE Date Explanation Dobit Credit Balande Date Explanation Credit Balance COHHOM STOCK, $2 Par Date Explanation Debit Credit Balance RETAINED EARNINGS Dato Explanation Debit Credit Balande AID IN CAPITAL IN EXCESS OF PAR - COHHO Dato Explanation Debit Credit Balance ORGANIZATIONAL COSTS Explanation Debit Credit Dato Balance STOCKHOLDERS EQUITT Contributed Capital: Preferred Stock, 6%, $10 Par, 20,000 shrs authorized, shrs issued and outstanding... "Paid-In Capital in Excess of Par - Preferred Stock.. Common Stock, $2 Par, 500,000 shrs authorized, shrs issued and outstanding........... "Paid-In Capital in Excess of Par - Common Stock.. Total Contributed Capital. Retained Earnings. Total Stookholder's Equity