Answer:
Date Account title and explanation Debit Credit
Jan-10 Cash (74,000*$6) $444,000
Common Stock (74,000*$3) $222,000
Paid in capital in excess of stated value $222,000
Mar-01 Cash (1,280*$54) $69,120
Preferred Stock (1,280*$50) $64,000
Paid in capital in excess of par value $5,120
May-01 Cash (119,000*$5) $595,000
Common Stock (119,000*$3) $357,000
Paid in capital in excess of stated value $238,000
Sep-01 Cash (5,800*$4) $23,200
Common Stock (5,800*$3) $17,400
Paid in capital in excess of stated value $5,800
Nov-01 Cash (3,800*$60) $228,000
Preferred Stock (3800*$50) $190,000
Paid in capital in excess of par value $38,000
