Dridgeport Corp, was organized on January 1, 2017. It is authorized to issue 20,

Question

Dridgeport Corp, was organized on January 1, 2017. It is authorized to issue 20,500 shares of 7%, 53 par value preferred stock and 453,000 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 65,500 shares of common stock for cash at $4 per share Marssued 1,130 shares of preferred stock for cash at $56 per share. May ssued 111,500 shares of common stock for cash at S5 per share Sept. 1 ssued 4,300 shares of common stock for cash at $7 per share Nov. 1 ssued 2,3DD shares of preferred stock for cash at $58 per share tkah atss

Explanation / Answer

Preferred stock 1-Mar 59890 1-Nov 121900 End bal 181790 paid in capital in excess of par value- preferred stock 1-Mar 3390 1-Nov 11500 End bal 14890 common stock 10-Jan 66,500 1-May 111,500 1-Sep 4,300 End bal 182,300 paid in capital in excess of stated value-Common Stock 10-Jan 199500 1-May 446000 1-Sep 25800 end bal 671300

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