Pina Colada Corporation has been authorized to issue 21,000 shares of $100 par value, 10%, preferred...

Transcribed Image Text:

Pina Colada Corporation has been authorized to issue 21,000 shares of $100 par value, 10%, preferred stock and 993,200 shares of no-par common stock. The corporation assigned a $2.60 stated value to the common stock. At December 31, 2022, the ledger contained the following balances pertaining to stockholders' equity. Preferred Stock $125,000 Paid-in Capital in Excess of Par-Preferred Stock 15,500 Common Stock 993,200 Paid-in Capital in Excess of Stated Value-Common Stock 1,298,800 Treasury Stock (1,140 common shares) 12,540 Paid-in Capital from Treasury Stock 1,710 Retained Earnings 80,000 The preferred stock was issued for land having a fair value of $140,500. All common stock issued was for cash. In November, 1,710 shares of common stock were purchased for the treasury at a per share cost of $11. In December, 570 shares of treasury stock were sold for $14 per share. No dividends were declared in 2022. Prepare the journal entries for the: (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) (1) Issuance of preferred stock for land. (2) Issuance of common stock for cash. (3) Purchase of common treasury stock for cash. (4) Sale of treasury stock for cash. No. Account Titles and Explanation 1. 2. 3. 4. Debit Credit Prepare the stockholders' equity section at December 31, 2022. (Enter the account name only and do not provide the descriptive information provided in the question.) PINA COLADA CORPORATION Balance Sheet (Partial) > > > > +A +A $ Pina Colada Corporation has been authorized to issue 21,000 shares of $100 par value, 10%, preferred stock and 993,200 shares of no-par common stock. The corporation assigned a $2.60 stated value to the common stock. At December 31, 2022, the ledger contained the following balances pertaining to stockholders' equity. Preferred Stock $125,000 Paid-in Capital in Excess of Par-Preferred Stock 15,500 Common Stock 993,200 Paid-in Capital in Excess of Stated Value-Common Stock 1,298,800 Treasury Stock (1,140 common shares) 12,540 Paid-in Capital from Treasury Stock 1,710 Retained Earnings 80,000 The preferred stock was issued for land having a fair value of $140,500. All common stock issued was for cash. In November, 1,710 shares of common stock were purchased for the treasury at a per share cost of $11. In December, 570 shares of treasury stock were sold for $14 per share. No dividends were declared in 2022. Prepare the journal entries for the: (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) (1) Issuance of preferred stock for land. (2) Issuance of common stock for cash. (3) Purchase of common treasury stock for cash. (4) Sale of treasury stock for cash. No. Account Titles and Explanation 1. 2. 3. 4. Debit Credit Prepare the stockholders' equity section at December 31, 2022. (Enter the account name only and do not provide the descriptive information provided in the question.) PINA COLADA CORPORATION Balance Sheet (Partial) > > > > +A +A $