BUSINESS AND FINANCE

C)Prepare the paid-in capital section of stockholders’ equity at December 31, 2014. (Enter the account name only and do not provide the descriptive information provided in the question.)

DeLong Corporation Balance sheet (partial) December 31, 2014

 

Paid-in capital

 

   
 

Capital stock

   
Preferred Stock   600,000
Common Stock   408,000
Total Capital stock   1008000
 

Additional Paid-in capital

 

   
Paid-in Capital in Excess of Stated Value-Common Stock 437,000  
Paid-in Capital in Excess of Par-Preferred Stock 34,000  
Total Additional Paid-in capital   471,000
 

Total Paid-in Capital

   

1479,000

 

 

 

Brief Exercise 13-3

On May 10, Jack Corporation issues 3,400 shares of $12 par value common stock for cash at $22 per share. Journalize the issuance of the stock. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

 

May. 1

Account titles and explanation Debt Credit
Cash 74,800  
Common stock   40,800
Paid-in Capital in Excess of Par-Common Stock   34,000

 

Cash = 3,400 x 22 = 74,800

Common Stock = 3,400 x 12 = 40,800

Paid-in Capital in Excess of Par-Common Stock = 3,400 x 10(22-12) = 34,000

Brief Exercise 13-5

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