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it View History Bookmarks Window Help edugen.willeyplus.com se Materials-ACCT2213Sec90Suml18 wileyPLUS Kimmel, Accounting, 6e Help I System Announcements CALCULATOR PRINTER VERSION BACK NEXT CES Problem 11-1A (Part Level Submission) Indigo Corporation was organized on January 1, 2017. It is authorized to issue 19,200 shares of 7% $50 par value preferred stock and 470,000 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 Mar. 1 May 1 Sept. 1Issued 6,000 shares of common stock for cash at $9 per share Nov. Issued 75,000 shares of common stock for cash at $5 per share. Issued 1,300 shares of preferred stock for cash at $55 per share. Issued 120,000 shares of common stock for cash at $7 per share. tudy 1 Issued 4,000 shares of preferred stock for cash at s55 per share ? (a) Your answer is correct. Dournalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account tities and enter O for the amounts.) Debit Credit Date Account Titles and Explanation Preferred 5pock MacBook Air

Explanation / Answer

INDIGO CORPORATION Partial Balance Sheet December 31, 2017 Stockholders' Equity Paid-in Capital Capital Stock Preferred stock 265000 Common stock 402000 Total capital stock 667000 Additional Paid-in Capital Preferred stock 26500 Common stock 867000 Total additional paid-in capital 893500 Total paid-in capital 1560500

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