Question

Problem 11-1A Tidwell Corporation was organized on January 1, 2014. It is authorized to issue 23,700 shares of 6%, $52 par value preferred stock and 500,300 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 73,400 shares of common stock for cash at $5 per share. Mar. 1 Issued 12,400 shares of preferred stock for cash at $57 per share. May 1 Issued 124,600 shares of common stock for cash at $7 per share. Sept. 1 Issued 4,300 shares of common stock for cash at $8 per share. Nov. 1 Issued 2,100 shares of preferred stock for cash at $54 per share. To Do: Journalize the transaction. Post to the stockholders equity accounts (in order of journal entries in previous part) Prepare the paid-in capital portion of the stockholders' equity section at December 31,2014

Answer 1

Date	Title	Debit($)	Credit ($)
Jan-10	cash   (73,400 *5)	3,67,000
	Common stock   (73,400*2)		1,46,800
	Capital in excess of stated value -common sotck		2,20,200
Mar-01	Cash    (12400 *57 )	7,06,800
	Preferred stock    (12400*52)		6,32,400
	capital in excess of par -preferred stock		74,400
May-01	cash    (124600 *7)	8,72,200
	common stock    (124600*2)		2,49,200
	Capital in excess of stated value -common sotck		6,23,000
Sep-01	cash    (4300*8)	34,400
	common stock    (4300*2)		7,600
	Capital in excess of stated value -common sotck		26,800
Nov-01	cash    (2100*54)	1,13,400
	Preferred stock    (2100*52)		1,09,200
	.		4,200

Preferred Stock
Date	Debit	Amount	Credit	Amount
Mar-01			Cash	6,32,400
Nov-01			Cash	1,09,200
Dec-31			By Balance C/D	7,41,600

Paid- in Capital in Excess
Date	Debit	Amount	Credit	Amount
Mar-01			Cash	2,20,200
Nov-01			Cash	4,200
Dec-31			By Balance C/D	2,24,400

Common Stock
Date	Debit	Amount	Credit	Amount
Jan-10			Cash	1,46,800
May-01			Cash	2,49,200
Sep-01			Cash	7,600
Dec-31			By Balance C/D	4,03,600

Paid in capital in excess of stated Value-common stock
Date	Debit	Amount	Credit	Amount
Jan-10			Cash	2,20,200
May-01			Cash	6,23,000
Sep-01			Cash	26,800
Dec-31			By Balance C/D	8,70,000

Tidwell Corporation Partial Balance Sheet Dec 31 2014
Paid- in Capital in Excess		2,24,400
Paid in capital in excess of stated Value-common stock		8,70,000
Reserves & Surpluse			10,94,400
Preferred Stock		7,41,600
Common Stock		4,03,600
Equity			11,45,200