Norris Corporation was organized on January 1, 2007.
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Norris Corporation was organized on January 1, 2007. It is authorized to issue 20,000 shares of 6%, $50 per 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 60,000 shares of common stock for cash at $4 per share.
Mar. 1 Issued 12,000 shares of preferred stock for cash at $54 per share
May 1 Issued 100,000 shares of common stock for cash at $5 per share
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 $56 per share
A) Journalize the transactions
B) Post to the stockholders equity account (use T accounts)
C) Prepare the paid in capital portion of the stockholders equity section at December 31, 2007.
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This solution is comprised of a detailed explanation to journalize the transactions, post to the stockholders equity account, and prepare the paid in capital portion of the stockholders equity section at December 31, 2007.
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Norris Corporation was organized on January 1, 2007. It is authorized to issue 20,000 shares of 6%, $50 per 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 60,000 shares of common stock for cash at $4 per share.
Mar. 1 Issued 12,000 shares of preferred stock for cash at $54 per share
May 1 Issued 100,000 shares of common stock for cash at $5 per share
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 ...
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