### Stockholders equity accounts

Assignment Help Accounting Basics
##### Reference no: EM13152765

Hayslett Corporation was organized on January 1, 2006. 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 \$2 per share. The following stock transactions were completed during the first year.

Jan. 10

Issued 100,000 shares of common stock for cash at \$3 per share.

Mar. 1

Issued 10,000 shares of preferred stock for cash at \$55 per share.

Apr. 1

Issued 25,000 shares of common stock for land. The asking price of the land was \$90,000. The company's estimate of the fair market value of the land was \$85,000.

May 1

Issued 75,000 shares of common stock for cash at \$4 per share.

Aug. 1

Issued 10,000 shares of common stock to attorneys in payment of their bill for \$50,000 for services provided in helping the company organize.

Sept. 1

Issued 5,000 shares of common stock for cash at \$6 per share.

Nov. 1

Issued 2,000 shares of preferred stock for cash at \$58 per share.

Instructions

Journalize the transactions.

Post to the stockholders' equity accounts. (Use J1 as the posting reference.)

Prepare the paid-in capital section of stockholders' equity at December 31, 2006.

(c) Total paid-in capital \$1,431,000

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