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Flint Corporation was organized on January 1, 2020. It is authorized to issue 14,000 shares of 8%, $100 par value preferred stock, and 514,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year.

Jan.	10		Issued 78,000 shares of common stock for cash at $4 per share.
Mar.	1		Issued 5,300 shares of preferred stock for cash at $110 per share.
Apr.	1		Issued 23,500 shares of common stock for land. The asking price of the land was $86,000. The fair value of the land was $88,000.
May	1		Issued 83,000 shares of common stock for cash at $4.75 per share.
Aug.	1		Issued 11,500 shares of common stock to attorneys in payment of their bill of $43,000 for services performed in helping the company organize.
Sept.	1		Issued 11,000 shares of common stock for cash at $5 per share.
Nov.	1		Issued 1,000 shares of preferred stock for cash at $111 per share.

Date Account Titles and Explanation Debit Credit Jan. IT Cash 312000 | Common Stock T 156,000 | Paid-in Capital in Excess of Stated Value-Common 156000 Mar. 1 Cash T Preferred Stock 530000 T Paid-in Capital in Excess of Par-Preferred Stock IT 53000 ITLand 88,000 I Common Stock 47000 T Paid-in Capital in Excess of Stated Value-Common 41000 May 1 Cash 394250 Common Stock HOTTUULUTUOUGHTHOUDOU 166000 T Paid-in Capital in Excess of Stated Value-Common T 228250 Aug. 1 Organization Expense 43000 T Common Stock 23000 T Paid-in Capital in Excess of Stated Value-Commor 20000 Sept. 1 cash | Common Stock 22000 T Paid-in Capital in Excess of Stated Value-Common 33000 Nov. 1 Cash | Preferred Stock T 100000 Paid-in Capital in Excess of Par-Preferred Stock 11000 FLINT CORPORATION Balance Sheet (Partial) December 31, 2020 Paid-in Capital Capital Stock Common Stock EX Treasury Stock X .. ... Capital Stock Property, Plant and Equipment T Land 88000 Paid-in Capital in Excess of Stated Value-Common 41000 Stockholders' Equity Total Capital Stock

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