Stellar Corporation was organized on January 1, 2020. It is authorized to issue 9,100 shares of 8%, $100 par value preferred stock, and 525,800 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 80,170 shares of common stock for cash at $6 per share.
Mar. 1 Issued 5,410 shares of preferred stock for cash at $112 per share.
Apr. 1 Issued 24,730 shares of common stock for land. The asking price of the land was $91,570; the fair value of the land was $80,170.
May 1 Issued 80,170 shares of common stock for cash at $9 per share.
Aug. 1 Issued 9,100 shares of common stock to attorneys in payment of their bill of $50,100 for services rendered in helping the company organize.
Sept. 1 Issued 9,100 shares of common stock for cash at $11 per share.
Nov. 1 Issued 1,010 shares of preferred stock for cash at $106 per share.

Required:
Prepare the journal entries to record the above transactions.

Jan-10

Dr Cash $ 481,020

Cr Common stock $ 80,170

Cr Additional paid in capital in excess of stated value - Common stock $ 400,850

Mar-01

Dr Cash $ 605,920

Cr Preferred stock $ 541,000

Cr Additional paid in capital in excess of par value - Preferred stock $ 64,920

Apr-01

Dr Land$ 80,170

Cr Common stock $ 24,730

Cr Additional paid in capital in excess of stated value - Common stock $55,440

May-01

Dr Cash $ 721,530

Cr Common stock $ 80,170

Cr Additional paid in capital in excess of stated value - Common stock $ 641,360

Aug-01

Dr Incorporation charges / Legal charges$ 50,100

Cr Common stock $ 9,100

Cr Additional paid in capital in excess of stated value - Common stock $ 41,000

Sep-01

Dr Cash $ 100,100

Cr Common stock $ 9,100

Cr Additional paid in capital in excess of stated value - Common stock $ 91,000

Nov-01

Dr Cash $ 107, 060

Cr Preferred stock $ 101,000

Cr Additional paid in capital in excess of par value - Preferred stock $ 6,060

Explanation:

Preparation of Journal entries

Jan-10

Dr Cash (80,170 * $6)$ 481,020

Cr Common stock (80,170*$1) $ 80,170

Cr Additional paid in capital in excess of stated value - Common stock $ 400,850

(481,020-80,170)

Mar-01

Dr Cash (5,410*$112)$ 605,920

Cr Preferred stock (5,410*$100) $ 541,000

Cr Additional paid in capital in excess of par value - Preferred stock $ 64,920

(605,920-541,000)

Apr-01

Dr Land$ 80,170

Cr Common stock (24,730*$1) $ 24,730

Cr Additional paid in capital in excess of stated value - Common stock $55,440

(80,170-24,730)

May-01

Dr Cash (80,170 * $9)$ 721,530

Cr Common stock (80,170*$1) $ 80,170

Cr Additional paid in capital in excess of stated value - Common stock $ 641,360

(721,530-80,170)

Aug-01

Dr Incorporation charges / Legal charges$ 50,100

Cr Common stock (9,100*$1) $ 9,100

Cr Additional paid in capital in excess of stated value - Common stock $ 41,000

(50,100-9,100)

Sep-01

Dr Cash (9,100 * $11)$ 100,100

Cr Common stock (9,100*$1) $ 9,100

Cr Additional paid in capital in excess of stated value - Common stock $ 91,000

(100,100-9,100)

Nov-01

Dr Cash (1,010*$106)$ 107, 060

Cr Preferred stock (1,010*$100) $ 101,000

Cr Additional paid in capital in excess of par value - Preferred stock $ 6,060

(107,060-101,000)

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- love what you do.

- the worst thing that could happen might turn out to be the best thing that could happen.

- follow your heart and trust it knows where it's going.

there's 11 people for the 1st position. then, no matter who gets it, there's only 10 left for the second, and then 9 left for the third. 11 x 10 x 9 = 990.   the answer is there are 990 different ways the positions can be filled by these applicants