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Ayayai Corp. was organized on January 1, 2022. It is authorized to issue 19,000 shares of...

Ayayai Corp. was organized on January 1, 2022. It is authorized to issue 19,000 shares of 5%, $50 par value preferred stock and 450,000 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year.
Jan. 10 Issued 65,000 shares of common stock for cash at $4 per share.
Mar. 1 Issued 1,100 shares of preferred stock for cash at $54 per share.
May 1 Issued 110,000 shares of common stock for cash at $5 per share.
Sept. 1 Issued 4,000 shares of common stock for cash at $4 per share.
Nov. 1 Issued 2,000 shares of preferred stock for cash at $54 per share.

1. Journalize the transactions

2. Prepare the paid-in capital portion of the stockholders’ equity section at December 31, 2022.

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ekkarill92 answered 1 year ago
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