Question

On January 5, 2020, Wildhorse Corporation received a charter granting the right to issue 5,200 shares of $100 par value, 8% cumulative and nonparticipating preferred stock, and 51,700 shares of $10 par value common stock. It then completed these transactions.

Jan. 11		Issued 19,800 shares of common stock at $15 per share.
Feb. 1		Issued to Sanchez Corp. 3,900 shares of preferred stock for the following assets: equipment with a fair value of $49,200; a factory building with a fair value of $160,000; and land with an appraised value of $297,000.
July 29		Purchased 1,800 shares of common stock at $19 per share. (Use cost method.)
Aug. 10		Sold the 1,800 treasury shares at $15 per share.
Dec. 31		Declared a $0.50 per share cash dividend on the common stock and declared the preferred dividend.
Dec. 31		Closed the Income Summary account. There was a $163,800 net income.

1.Record the journal entries for the transactions listed above. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record entries in the order displayed in the problem statement. Round answers to 0 decimal places, e.g. $5,275.)

Date	Account Titles and Explanation	Debit	Credit
choose a transaction date                                                                      Jan. 11Feb. 1July 29Aug. 10Dec. 31	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
Feb. 1	enter an account title for the journal entry on February 1	enter a debit amount	enter a credit amount
	enter an account title for the journal entry on February 1	enter a debit amount	enter a credit amount
	enter an account title for the journal entry on February 1	enter a debit amount	enter a credit amount
	enter an account title for the journal entry on February 1	enter a debit amount	enter a credit amount
	enter an account title for the journal entry on February 1	enter a debit amount	enter a credit amount
choose a transaction date                                                                      Jan. 11Feb. 1July 29Aug. 10Dec. 31	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
Aug. 10	enter an account title for the journal entry on August 10	enter a debit amount	enter a credit amount
	enter an account title for the journal entry on August 10	enter a debit amount	enter a credit amount
	enter an account title for the journal entry on August 10	enter a debit amount	enter a credit amount
choose a transaction date                                                                      Jan. 11Feb. 1July 29Aug. 10Dec. 31	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date                                                                      Jan. 11Feb. 1July 29Aug. 10Dec. 31	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount

2. Prepare the stockholders’ equity section of Wildhorse Corporation’s balance sheet as of December 31, 2020. (Enter account name only and do not provide descriptive information.)

WILDHORSE CORPORATION Stockholders’ Equity choose the accounting period                                                                      December 31, 2020/ For the Year Ended December 31, 2020/ For the Quarter Ended December 31, 2020
select an opening name for subsection one: Additional Paid-in CapitalCapital StockCurrent AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal Stockholders' Equity
enter a balance sheet item					$enter a dollar amount
enter a balance sheet item					enter a dollar amount
select a closing name for subsection one: Additional Paid-in CapitalCapital StockCurrent AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal Stockholders' Equity					enter a total amount for subsection one
select an opening name for subsection two: Additional Paid-in CapitalCapital StockCurrent AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal Stockholders' Equity
enter a balance sheet item			$enter a dollar amount
enter a balance sheet item			enter a dollar amount
					enter a subtotal of the two previous amounts
select a summarizing line for the first part                                                                      Additional Paid-in CapitalCapital StockCurrent AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal Stockholders' Equity					enter a total amount for the first part
enter a balance sheet item					enter a dollar amount
select a closing section name                                                                      Additional Paid-in CapitalCapital StockCurrent AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal Stockholders' Equity					$enter a total amount for this section

PLEASE SHOW STEPS AND EXPLANATION WITH ANSWERS. THANK YOU!

Answer 1

Answer to Question 1:

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Answer to Question 2: