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Flounder Corp. was organized on January 1, 2017. It is authorized to issue 21,500 shares...

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Accounting

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Flounder Corp. was organized on January 1, 2017. It is authorized to issue 21,500 shares of 5%, $52 par value preferred stock and 455,000 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 67,500 shares of common stock for cash at $5 per share. Mar. Issued 1,150 shares of preferred stock for cash at $56 per share. May Issued 112,500 shares of common stock for cash at $5 per share. Sept. 1 Issued 4,500 shares of common stock for cash at $5 per share. Nov. 1 Issued 2,500 shares of preferred stock for cash at $58 per share (a) Your answer is correct. Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit an. 10Cash 337500 Common Stock 67500 Paid-in Capital in Excess of Stated Value-Commor 270000

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