10/12/2020 Problem 13-04A a-c (Part Level submission) twdeo Concord Corporation is authorized to issue 25,000 shares of...

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Date Account Title & explanations Debit Credit

1-Feb Land 128000
10% Preferred stock(2200*50) 110000
Paid-in-capital in excess of Par-Preferred
18000
stock(128000-110000)

1-Mar Cash(1200*70) 84000

10% Preferred stock(1200*50) 60000
Paid-in-capital in excess of Par-Preferred
24000
stock(84000-60000)

1-Jul Cash(15000*8) 120000

Common stock(15000*5) 75000
Paid-in-capital in excess of Par-Common
45000
stock(120000-75000)

1-Sep Patent 28000

10% Preferred stock(450*50) 22500
Paid-in-capital in excess of Par-Preferred
5500
stock(28000-22500)

1-Dec Cash(8000*8.50) 68000

Common stock(8000*5) 40000
Paid-in-capital in excess of Par-Common
28000
stock(68000-40000)

31-Dec Income summary 259000

Retained Earnings 259000

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