Tidwell Corporation was organized on January 1, 2014. It is authorized to issue

Question

Tidwell Corporation was organized on January 1, 2014. It is authorized to issue 19,300 shares of 7%, $51 par value preferred stock and 521,200 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 70,300 shares of common stock for cash at $5 per share. Mar. 1 Issued 13,100 shares of preferred stock for cash at $56 per share. May 1 Issued 123,600 shares of common stock for cash at $5 per share. Sept. 1 Issued 5,900 shares of common stock for cash at $7 per share. Nov. 1 Issued 4,000 shares of preferred stock for cash at $56 per share.

Problem 11-1A (Part Level Submission) Tidwell Corporation was organized on January 1, 2014. It is authorized to issue 19,300 shares of 7%, $51 par value preferred stock and 521,200 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 70,300 shares of common stock for cash at $5 per share. Mar. 1 Issued 13,100 shares of preferred stock for cash at $56 per share. May 1 Issued 123,600 shares of common stock for cash at $5 per share. Sept. 1 Issued 5,900 shares of common stock for cash at $7 per share. Nov. 1 Issued 4,000 shares of preferred stock for cash at $56 per share. (a) Your answer is partially correct. Try again. Journalize 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.) Date Account Titles and Explanation Debit Credit Jan. 10 |Cash 351500 Common Stock 70300 Paid-in Capital in Excess 281200 Mar. 1 Cash 733600 Preferred Stock 13100 Paid-in Capital in Excess 720500

Explanation / Answer

Jan 10: cash @5 dr. $351500

To Common stock @2 $140600

To Paid in capital in excess @3 $ 210900

( Being 70300 shares are issued at a facevalue @$2 while difference is excess amount as premium)

March 1; cash @56 dr. $ 733600

To 7%preferred stock @51. $ 668100

To excess capital @5. $65500

   ( Being 13100 shares are issued at a facevalue @$ 51 while difference is excess amount as premium)

May1. cash @5 dr. $618000

To Common stock @2 $247200

To Paid in capital in excess @3 $ 370800

   ( Being shares 123600 are issued at a facevalue @$2 while difference is excess amount as premium)

Sep 1.cash @7 dr. $41300

To Common stock @2 $11800

To Paid in capital in excess @5 $ 29500

( Being 5900 shares are issued at a facevalue @$2 while difference is excess amount as premium)

Nov1. cash @56dr. $224000

To preferred stock @51 $204000

   To Paid in capital in excess @5 $ 20000

( Being 4000 shares are issued at a facevalue @$51 while difference is excess amount as premium)

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