Mendoza Corporation was organized on January 1, 2017. It isauthorized to issue 20,000 shares...

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Accounting

Mendoza Corporation was organized on January 1, 2017. It isauthorized to issue 20,000 shares of 6%, $40 par value preferredstock, and 500,000 shares of no-par common stock with a statedvalue of $2 per share. The following stock transactions werecompleted during the fi rst year.
Jan. 10 Issued 100,000 shares of common stock for cash at $3 pershare.
Mar. 1 Issued 10,000 shares of preferred stock for cash at $55per share. Apr. 1 Issued 25,000 shares of common stock for land.The asking price of the land was $90,000. The company’s estimate offair value of the land was $75,000. May 1 Issued 75,000 shares ofcommon stock for cash at $4 per share.
Aug. 1 Issued 10,000 shares of common stock to attorneys inpayment of their bill for $50,000 for services performed in helpingthe company organize. Sept. 1 Issued 5,000 shares of common stockfor cash at $6 per share.
Nov. 1 Issued 2,000 shares of preferred stock for cash at $60per share.
(a) Journalize the transactions.
(b) Post to the stockholders’ equity accounts. (Use J1 as theposting reference.)
(c) Prepare the paid-in capital section of stockholders’ equityat December 31, 2017.

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a Date Accounts Title Explnation Debit Credit Jan 10 Cash 100000 3 300000 Common Stock 200000 Paid in capital excess of stated value Common Stock 100000 March 1 Cash 10000 55 550000 Preferred Stock 10000 40 400000 Paid in capital excess of par value Preferred Stock 150000 April 1 Land 75000 Common Stock 25000 2 50000 Paid in capital excess of See Answer

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In: AccountingMendoza Corporation was organized on January 1, 2017. It isauthorized to issue 20,000 shares of...Mendoza Corporation was organized on January 1, 2017. It isauthorized to issue 20,000 shares of 6%, $40 par value preferredstock, and 500,000 shares of no-par common stock with a statedvalue of $2 per share. The following stock transactions werecompleted during the fi rst year.Jan. 10 Issued 100,000 shares of common stock for cash at $3 pershare.Mar. 1 Issued 10,000 shares of preferred stock for cash at $55per share. Apr. 1 Issued 25,000 shares of common stock for land.The asking price of the land was $90,000. The company’s estimate offair value of the land was $75,000. May 1 Issued 75,000 shares ofcommon stock for cash at $4 per share.Aug. 1 Issued 10,000 shares of common stock to attorneys inpayment of their bill for $50,000 for services performed in helpingthe company organize. Sept. 1 Issued 5,000 shares of common stockfor cash at $6 per share.Nov. 1 Issued 2,000 shares of preferred stock for cash at $60per share.(a) Journalize the transactions.(b) Post to the stockholders’ equity accounts. (Use J1 as theposting reference.)(c) Prepare the paid-in capital section of stockholders’ equityat December 31, 2017.