Early in the year Susan Anthony and several trends organized a corporation called Equal Time, Inc....

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Early in the year Susan Anthony and several trends organized a corporation called Equal Time, Inc. The corporation was authorized to issue 100,000 shares of P100 par value, 8% cumulative preferred stock and 500,000 shares of P1 par value common stock. The following transactions (among others) occurred during the year: Jan. 4 Jan. 10 Jan. 15 Aug. 12 Nov. 25 Dec. 11 Dec. 31 Issued for cash 40,000 shares of common stock at P8 per share. The shares were issued to Anthony and 3 other investors. Issued an additional 1,250 shares of common stock to Anthony in exchange for his services in organizing the corporation. The stockholders agreed that these services were worth P10,000. Issued 3,000 shares of preferred stock for cash of P300,000. Acquired land as a building site in exchange for 20,000 shares of common stock. In view of the appraised value of the land and the progress of the company, the directors agreed that the common stock was to be valued for purposes of this transaction at P10 per share. The first annual dividend of P8 per share was declared on the preferred stock to be paid December 11. Paid the cash dividend declared on November 25. After the revenue and expenses were closed into the Income Summary account, that amount indicated a net income of P217,500. Compute for the ending balance of Preferred Stock Early in the year Susan Anthony and several trends organized a corporation called Equal Time, Inc. The corporation was authorized to issue 100,000 shares of P100 par value, 8% cumulative preferred stock and 500,000 shares of P1 par value common stock. The following transactions (among others) occurred during the year: Jan. 4 Jan. 10 Jan. 15 Aug. 12 Nov. 25 Dec. 11 Dec. 31 Issued for cash 40,000 shares of common stock at P8 per share. The shares were issued to Anthony and 3 other investors. Issued an additional 1,250 shares of common stock to Anthony in exchange for his services in organizing the corporation. The stockholders agreed that these services were worth P10,000. Issued 3,000 shares of preferred stock for cash of P300,000. Acquired land as a building site in exchange for 20,000 shares of common stock. In view of the appraised value of the land and the progress of the company, the directors agreed that the common stock was to be valued for purposes of this transaction at P10 per share. The first annual dividend of P8 per share was declared on the preferred stock to be paid December 11. Paid the cash dividend declared on November 25. After the revenue and expenses were closed into the Income Summary account, that amount indicated a net income of P217,500. Compute for the ending balance of Preferred Stock

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