Tidal Corporation was organized on January 1, 2017. It is authorized to issue 20,000 shares of 6%, $50 par value preferred stock and 500,000 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 70,000 shares of common stock for cash at $4 per share.
Mar.1 Issued 12,000 shares of preferred stock for cash at $53 per share.
May 1 Issued 120,000 shares of common stock for cash at $6 per share.
Sept.1 Issued 5,000 shares of common stock for cash at $5 per share.
Nov.1 Issued 3,000 shares of preferred stock for cash at $56 per share.
Instructions
(a) Journalize the transactions.
(b) Post to the stockholders' equity accounts.
(c) Prepare the paid-in a capital portion of the stockholders' equity section at December 31, 2017.
(d) Tot. paid-in capital $1,829,000