zizihw9 - P11-2A Description Account Issuance of Common...

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P11-2A Paid-in Capital Preferred stock, $50 par value, 6,000 shares Description Account Debit Credit Issuance of Common Stock Cash Common Stock $1,600,000 $400,000 Paid-In capital in excess of par value - Common Stock $1,200,000 Issuance of Common Stock Professional Services Expense $31,000 Common Stock $10,000 Paid-in capital in excess of par value- common stock for fair value of services rendered $21,000 fair value of equipment Issuance of Preferred Stock Cash $360,000 Preferred Stock $300,000 Paid-in capital in excess of par Value- Preferred stock $60,000
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authorized, issued, and outstanding $360,000 No-par common stock, stated value $5, 200,000 shares authorized, 85,000 shares issued and outstanding
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