| PREFERRED STOCK: |
| Authorized Preferred Stock | | | | = | 75,000 | shares |
| Total par value of preferred stock issued | | | | = | $ 2,800,000 |
| Paid up value in excess of par | | | | = | $ 420,000 |
| Par value of preferred stock | | | | = | $ 80 | per share |
| Issued Preferred Stock | | | | = | Total amount of preferred stock as per trial/ par value of stock |
| | | | | = | 35,000 | shares |
| Premium/ share of preferred stock | | | | = | Paid up amount in excess of par for preferred stock/ number of shares issued |
| | | | | = | $ 12 | per share |
| COMMON STOCK: |
| Authorized Common Stock | | | | = | 200,000 | shares |
| Total par value of common stock issued | | | | = | $ 3,600,000 |
| Paid up value in excess of par | | | | = | $ 180,000 |
| Par value of common stock | | | | = | $ 30 | per share |
| Issued Common Stock | | | | = | Total amount of common stock as per trial/ par value of stock |
| | | | | = | 120,000 | shares |
| Premium/ share of preferred stock | | | | = | Paid up amount in excess of par for preferred stock/ number of shares issued |
| | | | | = | $ 1.50 | per share |
| Journal Entries: |
| 1) Common Stock |
| Dr. | Cash | | | 3,780,000 |
| Cr. | Common stock ($30 par value) | | | | 3,600,000 |
| Cr. | Paid-in capital in excess of par value | | | | 180,000 |
| 2) Preferred Stock |
| Dr. | Land | | | 840,000 |
| Dr. | Building | | | 2,380,000 |
| Cr. | Preferred stock ($80 par value) | | | | 2,800,000 |
| Cr. | Paid-in capital in excess of par value | | | | 420,000 |
| Total | | | | 7,000,000 | 7,000,000 |
cybacatx
willow_creek_nursery.xlsx
