Paid In Capital Structure. See attached file for full problem description.
P12-1A 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.
a) Journalize the transactions.
b) Post to the stockholders' equity accounts
c) Prepare the paid-in capital section of stockholders' equity at December 31, 2006.
Jan. 10 Cash 300,000
Common Stock 200,000
Additional Paid-in Capital 100,000
Mar. 1 Cash 550,000
Preferred Stock 500,000
Additional Paid-in Capital 50,000
Apr. 1 Land 85,000
This solution is comprised of a detailed explanation to prepare the journal entries and the paid-in capital section of stockholders' equity at December 31, 2006 of Hayslett Corporation.