Hayslett Corporation was organized on January 1, 2006. It is authorized to issue 20,000 shares of 6%, $50 par value preferred stock, and 500,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year.
Issued 100,000 shares of common stock for cash at $3 per share.
Issued 10,000 shares of preferred stock for cash at $55 per share.
Issued 25,000 shares of common stock for land. The asking price of the land was $90,000. The company's estimate of the fair market value of the land was $85,000.
Issued 75,000 shares of common stock for cash at $4 per share.
Issued 10,000 shares of common stock to attorneys in payment of their bill for $50,000 for services provided in helping the company organize.
Issued 5,000 shares of common stock for cash at $6 per share.
Issued 2,000 shares of preferred stock for cash at $58 per share.
Journalize the transactions.
Post to the stockholders' equity accounts. (Use J1 as the posting reference.)
Prepare the paid-in capital section of stockholders' equity at December 31, 2006.
(c) Total paid-in capital $1,431,000
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