Pronghorn Corp. was organized on January 1, 2022. It isauthorized to issue 19,800 shares of 7%, $50 par value preferredstock and 462,000 shares of no-par common stock with a stated valueof $1 per share. The following stock transactions were completedduring the first year. Jan. 10 Issued 71,000 shares of common stockfor cash at $5 per share. Mar. 1 Issued 1,220 shares of preferredstock for cash at $56 per share. May 1 Issued 116,000 shares ofcommon stock for cash at $8 per share. Sept. 1 Issued 5,200 sharesof common stock for cash at $6 per share. Nov. 1 Issued 3,200shares of preferred stock for cash at $58 per share.
Journalize the transactions.
Post to the stockholders’ equity accounts.
Prepare the paid-in capital portion of the stockholders’ equitysection at December 31, 2022.
