Respuesta :
Answer and Explanation:
According to the scenario, computation of the given data are as follow:
Journal entries
On Jan. 10
Cash A/c ($6 × 84,500)    Dr.   $507,000
 To Common stock A/c   ($3 ×84,500)      $253,500
 To Paid in capital in excess of stated value common stock A/c  $253,500   Â
On Mar. 1
Cash A/c($110 × 5,150) A/c    Dr.    $566,500
   To Preferred stock A/c ($100 × 5150)    $515,000
  To Paid in capital in excess of par –preferred stock A/c   $51,500
 (Being the issuance of the preferred stock is recorded)
On April 1
Land A/c       Dr.    $81500
  To Common stock A/c ($3 × 23,500)  $70,500
  To Paid in capital in excess of stated value common stock A/c   $11,000
 (Being the issuance of the common stock is recorded)
On May 1
Cash A/c ($5 × 84,000)      Dr.    $420,000
  To Common stock A/C($3 × 84,000)     $252,000
  To Paid in capital in excess of stated value common stock A/c    $168,000
 (Being the issuance of the common stock is recorded)
On Aug. 1
Organizational expenses A/c       Dr.    $39,500
   To Common stock A/c ($3 × 10,000)    $30,000
   To Paid in capital in excess of stated value common stock A/c    $9,500
 (Being the issuance of the common stock is recorded)
On Sep 1
Cash A/c ($7 × 11,500)    Dr.    $80,500
    To Common stock ($3 × 11,500)     $34,500
    To Paid in capital in excess of stated value common stock A/c  $46,000
 (Being the issuance of the common stock is recorded)
On Nov 1
Cash A/c ($111 × 2,000)    Dr.    $222,000
    To Preferred stock A/c ($100 × 2,000)    $200,000
    To Paid in capital in excess of par-preferred stock A/c     $22,000
 (Being the issuance of the preferred stock is recorded)
