1.LandCommon Stock(300,000x$1)Paid in Capital in excess of Par-common stock(to record the issue of share)1,200,000 300,000900,00011.Cash(120,000 shares x$1 par value)Common Stock(to record the issue of Common Stock) 120,000 120,000111.Cash(25,500.00 shares x$20 per share)Preferred Stock(to record the issue of preferred stock)510,000 510,0001V.Income SummaryTo Retained Earning764,000 764,000V.No transaction dividend has already been paid hence no record needed--V1.No transaction Dividend has already been paid hence no record neededshift this data from these temporary accounts to reflect the retained earnings--

Solution: Closing entries Closing Entries are the Closing journal entries, these are recorded at…

Answered: Land Common Stock(300,000x$1) Paid in…

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter11: Stockholders' Equity

Section: Chapter Questions

Problem 11.1E

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1.	Land Common Stock(300,000x$1) Paid in Capital in excess of Par-common stock (to record the issue of share)	1,200,000	300,000 900,000
11.	Cash(120,000 shares x$1 par value) Common Stock (to record the issue of Common Stock)	120,000	120,000
111.	Cash(25,500.00 shares x$20 per share) Preferred Stock (to record the issue of preferred stock)	510,000	510,000
1V.	Income Summary To Retained Earning	764,000	764,000
V.	No transaction dividend has already been paid hence no record needed	-	-
V1.	No transaction Dividend has already been paid hence no record needed shift this data from these temporary accounts to reflect the retained earnings	-	-

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