Question Details

Webber Corporation had the following transactions 



1
Carson Corporation has the following capital stock outstanding at December 31, 2008:
9% Preferred stock, $100 par value, cumulative
15,000 shares issued and outstanding .................................................... $1,500,000
Common stock, no par, $10 stated value, 500,000 shares authorized,
350,000 shares issued and outstanding .................................................. 3,500,000
The preferred stock was issued at $110 per share. The common stock was issued at an average
per share price of $16.
Instructions
Prepare the paid-in capital section of the balance sheet at December 31, 2008.

2
In its first year of operations, Webber Corporation had the following transactions pertaining to its
$30 par value preferred stock.
Feb. 1 Issued 6,000 shares for cash at $41 per share.
Nov. 1 Issued 3,000 shares for cash at $44 per share.
Instructions
(a) Journalize the transactions.
(b) Indicate the amount to be reported for (1) preferred stock, and (2) paid-in capital in excess of
par value—preferred stock at the end of the year.






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