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6 C D E13-9. Paul Corporation is authorized to issue both preferred and common...

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6 C D E13-9. Paul Corporation is authorized to issue both preferred and common stock The par value of the preferred is $50. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock. Feb. 1 Issued 20,000 shares for cash at $53 per share. July 1 Issued 12,000 shares for cash at $57 per share. Instructions (a) Journalize the transactions. (b) Post to the stockholders' equity accounts. (c) Indicate the financial statement presentation of the related accounts. 2/12 Cash Preferred Stock (20,000 sh X $50/sh) Pald in Capital (20,000 sh X 5153-50/sh) in excess of Par-Preferred Stock (To record issurance of 20,000 shares of $50 par value preferred stock) 7/1/12 Cash Preferred Stock (12,000 sh X $50/sh) Paid In Capital (12,000 sh X 5157-50/sh) in excess of Par Preferred Stock To record issurance of 12,000 shares of $50 par value preferred stock) Preferred Stock Credits) - 9 999 $ 2393 2/1/12 2/V12 Paldin Capital from Preferred Stock 2/1/12 1/12

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