The following is the Paid-In Capital section of stockholders’ equity for the Gracie Corporation on June 1, 201X:
Paid-In Capital:
Preferred Stock, $98 par, authorized 23,000 shares, 4,500 shares issued ..... $ 441,000
Paid-In Capital in Excess of Par Value—Preferred Stock .......... 115,000
Common Stock, $27 par, authorized 49,000 shares, 17,000 shares issued ... 459,000
Paid-In Capital in Excess of Par Value—Common Stock .......... 165,000
Total Paid-In Capital ......................... $1,180,000
The following transactions occurred in the months of June and July:
201X
June 1 Issued 3,200 shares of preferred stock at $104 per share.
2 Issued 7,200 shares of common stock at $48 per share.
15 Issued 7,800 shares of common stock at $42 per share.
July 2 Issued 4,800 shares of preferred stock at $108 per share.
18 Issued 1,900 shares of common stock in exchange for building and land with fair market value of $62,000 and $54,000, respectively.
1. Journalize the preceding entries and update the stockholders’ equity ledger.
2. Prepare a new Paid-In Capital section of stockholders’ equity as of July 31, 201X.